from Scott Grannis in today’s Calafia Beach Pundit,  A Genuine Selling Panic

Adding to the panic, I believe, is the perception that the White House is clueless. Obama’s speech earlier today was abysmal. Once again he blamed Republicans and the rich for refusing to cooperate. Once again he insisted that the way to fix things is to extend unemployment benefits, extend the payroll tax cut, and build more infrastructure. These things have been tried and they have failed miserably. Is there no one Obama trusts who can better advise him on how to get out of this mess?

HKO- not much I can add to that.  But this may be a great buying opportunity for equities.