I think the market is pricing in that the bailouts are no good and that this will be a longer recession then anyone thought.

What I find worrying/surreal is that all this stuff is happening in paper and digital markets. we yet have to see currency runs in E. Europe or elsewhere? Where I live the, the restaurants are still full , people are still booking holidays etc. I dont get the impression that people are hunkering down apart from postponing car and house puchases. The number plates here have the year of registration on them and I havent seen a single 09 car yet.

On the plus side the TDC/DOW ratio is improving so it must be hinting something about the gold market. I will be looking to accumulate gold stock on a decent pullback on the basis that if a company can demonstrate that they can generate cash this year onwards at a cash cost of $450 and under, I'll pay to own a piece of it.