"A depression is ugly and stubborn, cascading and spiraling, resisting efforts to reverse it, which is exactly what's been happening......Businesses - entire chains of businesses, in fact - are slipping under the waves here."
As usual, a good piece from Neil MacDonald. Temporarily at least, the market has been relatively stable for a few days, buoyed from plunging further as massive corporate overhead savings resulting from recent layoffs plays itself out. As more people are put out of work, thereby reducing their capacity for discretionary spending, more layoffs will become necessary. There doesn't appear to be a bottom to all of this.