This is a consistent and persistant panic, just look at overseas futures. all day long, another -2-3% every night.
There is NO support on the downside, the world has remember it is interlaced with the United States appetite, and the United States just belched on liar loan mortgages, and all the paper it sold overseas to the gullible who thought it was 1955 post WWII, over here, with real values and a real post war future, Instead, they find felons at Micky D's buying $300K houses in middle America on a $20K salary, if that, and a real estate system which starts with socialist Dems insuring housing is a right, not an earned debt incurred in trust.
There is no free market solution, eventually the Fed will just buy up all the banks and the credit, and become the bank of first and only choice. They print the money, they should be handing it out to business.
By the time they figure that out, the S and P will be 400 like it was in 1990, and people will be roaming the streets homeless at the unemployment rate of 20%.