Another day in the neighborhood...

Headlines:

DOW closes down nearly 2% - the worst February since 1933 - now down 50% since all-time high in 2007. (The NASDAQ hit the 50% level day before yesterday, the S & P fell to that mark last week.)

S & P closed down over 2% on the day - its worst February ever and an 11 year low.

Economy shrinking at fastest rate in nearly three decades - Commerce says "oops" - GDP actually declined at 6.2% annualized in Q4 '08 rather than the 3.8% reported earlier this month.

Citigroup essentially belly-up - - about to be nationalized.

GE cuts dividend - by 2/3 - the first cut since 1940.

Prechter of Elliott Wave International predicts deeper bear market and tougher economy than the 1930's.

"Other than that, Mrs. Lincoln, how did you like the play?"