As I forecast yesterday, the market had a fairly tough day today, ending down over 240 points. If the auto bailout does not take place…as the market is expecting…we could see a 500-1000 point drop in no time at all. I continue to believe that some type of emergency funding will get completed, but all bets are off for this bear market rally if it does not.

Look, I get the argument. The government (see taxpayers….you and me) has thrown away close to $9 trillion into insolvent banks, investment firms, credit card companies and other bankrupt financial institutions, so why not give another $100 billion or so to the Big Three? After all, this is chump change compared to what Wall Street has already received. In this light it’s actually hard to argue the point. We’ve become the bailout nation after all. And, with up to 10 million jobs that could be lost forever (directly and indirectly) if they were allowed to fail, our weakened economy simply could not stand the stress. No doubt about it, ...