Stocks Plunge to 1997 Levels

Keith Springer, president of Capital Financial Advisory Services said:

"People left and right are throwing in the towel. The biggest thing I see here is the incredible pessimism. The government is doing a lousy job of alleviating fears."

I'm not sure there's much the government can do to allay fears. One need only look at headlines every day to see that the economic downturn is spiraling faster and faster.

Of course, it should be noted: this recession was not born on Barack Obama's watch.

Sam Stovall, chief investment strategist at Standard & Poor’s Equity Research said:

"The technicians now have control of this market. People are saying, ‘Where do we go now? We don’t know what’s next.’"

Finally, Ron Kiddoo, chief investment officer at Cozad Asset Management added:

"There is just nobody who wants to buy right now. The news was a little bit upbeat overnight when it looked like Citigroup might find some stability, but now the skepticism is back. I think we need to hear some optimistic talk from our leaders and soon."