One year ago today, the Dow Jones broke 14000. Today, it stands at barely holding onto 11000. How bad is a 3000 loss for an index that is supposed to be indicative of the rest of the market?
Pretty bad. It was in 1996 that investors celebrated breaking the 6000 mark, and it took 11 years to bring it up to 14000. An 8000 increase in 11 years; a 3000 loss in 1 year. Being good at math is not required to see that's a problem. Unfortunately, John "no regulation!" Mccain is too busy trying to defend a non-existent country (Czechoslovakia) to listen to a bunch of whining Americans!
However, a good note is that the price of oil dropped for a consecutive two days! Although this isn't something to celebrate over (since prices always fluctuate), if anything it should say that the media is desperate for good news, which is different from the conservative mentality that "the media is just making it all up...the economy is just fine!"
My opinion? Meh, just keep working. Start saving. Prepare for the worst. And then, get over it.