The Dow's Big Drop - What Does It Mean?

The Dow closed yesterday down more than 500 points, the lowest plunge since the crash of 2008. Apparently this means something, though to me it’s just another day. I have very limited views on this stuff, since high finance and macro economics eludes me; heck, micro economics eludes me, too. Pretty much anything with economics in it eludes me, including wealth.

I do, however, want to invite my readers to weigh in on the subject. What do you think the impact of this will be? Will we recover? Is this the beginning of a double-dip recession (Steven Colbert said he was hoping his would have sprinkles)? Or is this just a twitch in the economic nervous system of the global marketplace?

WEATHER:

Mostly cloudy in the morning then becoming sunny. Patchy fog in the morning. Highs in the mid 80s. West winds 5 to 15 mph.

TODAY IN HISTORY (from Wikipedia):

1861 - American Civil War: in order to help pay for the war effort, the United States government levies the first income tax as part of the Revenue Act of 1861 (3% of all incomes over US $800; rescinded in 1872).

1882 - The Standard Oil of New Jersey is established.

1914 - In Cleveland, Ohio, the first electric traffic light is installed.

1957 - American Bandstand, a show dedicated to the teenage "baby-boomers" by playing the songs and showing popular dances of the time, debuts on the ABC television network.

1962 - Nelson Mandela is jailed. He would not be released until 1990.

1981 - Ronald Reagan fires 11,359 striking air-traffic controllers who ignored his order for them to return to work.

1989 - General elections are held in Nicaragua with the Sandinista Front winning a majority.