October 10, 2008
Markets all around the world are a disaster. Fear is in control and it's not just mad … it's mad as hell.
The Dow Jones now sits about where it did in 1998, when cell phones where a novelty and Al Gore's invention -- the "information superhighway" -- was just warming up. Citigroup (NYSE: C ) hasn't been this low since 1996. General Motors (NYSE: GM ) sputters along at the same level it did in 1950. Even Warren Buffett is in the red with his recent investments in Goldman Sachs (NYSE: GS ) and General Electric (NYSE: GE ) .
All around, it's a mess. Credit markets are frozen because of fear, and fear breeds out of the credit markets being frozen. Short of yet another radical bailout, it's pretty tough to tell where we'll go from here.
As grimacing as it is to watch, the recent market turmoil will eventually bottom out: The obvious questions are when, and at what level. 8,000? 7,000? 5,000? Zero? Two weeks ago you would have drawn a wave of blank stares if you said we'd be where we are today, so nothing's out of the question.
Here's our question for you today: How low will the Dow go? Take a moment to weigh in via our Fool poll below. Click here for more Foolishness on the market's panic, and feel free to let loose and vent in the comments section below.