*Terrible day for stocks

This is really nauseous time. The Dow fell 281 points, to 6594. Citigroup closed at $1.02 (at one point it was actually trading at under a dollar!). From the WSJ:

In May 2007, Citi was the biggest bank in the U.S. by market capitalization, and traded for more than $55. Since then, the collapse of the mortgage securitization business and the slide in value of other assets has necessitated the rescue of Citigroup and other financial institutions, raising the specter of nationalization. "If you had told me in the summer of 2007 that it would dip below $1, I would have said 'you're crazy,'" said Joseph Saluzzi, co-founder of Themis Trading. "The banks are a disaster."

*Oops: Thanks to the readers who noticed my flub on the closing Dow price. Things are bad, but they're not that bad - at least for now.