The Dow was down 7% yesterday and up 5% today.
This is why I don't fear a stock market crash
From http://home.comcast.net/~chtongyu/omit.html#pyramid13
"Imagine if you woke up tomorrow and all the money in the world had disappeared. All stocks, all bonds, all the numbers in a banker's computer. The end of the world? Will you die? Will investors be jumping out of windows? No. Your house is still there (or at least the house you say is yours). Supermarkets still have food. Electric companies can still produce electricity. The world would only end if people stopped going to work...
Knowledge is still there, labor is still there. Real products can STILL be produced. So what does happen if everyone suddenly dumped their stock and all life savings went to zero? Probably not much if people kept their cool."
From http://www.infoshop.org/rants/yu1.html
"Capitalists are fleeing your country in their private jets. Investors have pulled out all their money. Foreign banks run by capitalists suddenly decide they are no longer willing to make any loans to your "rogue" nation. The former dictator has packed up all his suitcases full of gold, jewels, and cash from your national treasury, and is now nowhere to be found.
Now what?
Economic collapse? Mass unemployment? Depression and starvation? No, of course not.
Wealth is not to be found in currency, in the so-called "precious" metals, in paintings by long-dead painters. None of those are needed to survive. Wealth is found in food, in warmth, in health care, and in the things necessary to produce them. All the land is still yours. All the labor is still yours. Even factory equipment remains, despite the flight of "capital" - that is, the loss of things that represent wealth, but are not wealth themselves. In fact, very little has been lost and virtually all of the productive capacity of your nation remains. All that has changed is the accounting...
Real capital - the people, natural resources, and equipment needed to produce real goods - cannot be packed up in a bag when the capitalist skips town. They will require a lot of labor if they truly want to escape with real capital. What remains when the capitalists are gone are merely the people who are doing the work, and the means to do it."