BULLETIN – WALL STREET PRODUCING EGGS AGAIN – AT 4:18 P.M. ET:   The headline in Variety, the bible of show business, right after the 1929 stock market crash was "Wall Street Lays an Egg." 

Apparently, the street is in the egg-producing business again.  The Dow closed down about 520 points today, wiping out yesterday's gains and adding to a string of losses.  What we're seeing, according to most analysts we've consulted in the last hour, is fear, especially fear of a financial collapse in Europe.

We actually see the phenomenon of European politicians cutting short their traditional August vacations to get back to work.  At the same time, President Obama has apparently scheduled another vacation for himself. 

The trend is down.  The only way out of this is economic growth, and no one in power in Washington seems to know how to go about that.

August 10, 2011