Meanwhile, back at the economy

Layoffs continue

Bank of America may slash as much as 4,000 jobs as it absorbs Merrill Lynch, the Financial Times reported Tuesday.

The DOW closed at 7949 -- down 4%

California is in "crisis".

Citi has become worthless -- it's just a matter of time before it's allowed to die.

Banks tied to Commercial Real Estate are being choked. It's just a matter of time with some of them.

Banks dropping like stones: Citigroup (C) off 20%

JPMorgan (JPM) off 21%

Goldman Sachs (GS) off 19%

Wells Fargo (WFC) off 24%

Morgan Stanley (MS) off 16%

Some malls will begin to look like parts of Detroit -- where you can buy houses for ZERO (plus taxes and closing costs). Someone called it "urban prairie.

Let us hope there are some smart people out there. I do not want to spend my "twilight years" in a large carton