So, the market is down 555 points, almost 5 percent. Yet so far this is no October Black Monday, like when the market dropped 13 percent on October 28th, 1929 or when it dropped 22% on October 19, 1987. (Note: Things are moving fast, market down another 100 points since I started writing).

This is, in many ways, even worse - just another Gray Monday, where we get the continued, orderly drip-drip-drip of a market with no confidence, and no idea of where we are headed.

So yesterday I wrote about how the Senate was making the bailout plan bigger but not better in order to get reluctant legislators aboard.

Oh man, you have no idea. It makes me want to cry.

According to the WSJ, A bill that was originally 3 pages is now more than 400 pages. Among the useless 'sweeteners' tacked onto the plan:

So now the Senate is going to try its hand at passing a bailout plan.

OK, I was wrong. Really wrong. I was sure politicians would approve this bailout bill, no matter how publicly unpopular it was. The short-term risks of not doing something seemed too enormous - a complete freeze of the credit markets and the subsequent collapse of the economic system that relies so heavily on that free flow of credit.

OK, the market's up big. The bailout plan is about to be unveiled. What does it all mean? Here are my thoughts.

We've been told for so long that everything is OK with the economy. Nothing to see here, they've said. McCain calls the economy fundamentally strong; his economic adviser calls the American people a bunch of whiners; Greenspan says we are nearing the bottom of the housing meltdown; Barney Frank dismisses the problems at Fannie Mae and Freddie Mac as overstated.

So McCain wants to put politics aside in order to solve the economic crisis ...

Bah! Man, maybe I'm too cynical, but I can't even imagine a more political tactic.

McCain just gave a speech saying he wants to suspend his political campaign and postpone Friday's presidential debate until Congress agrees on legislation to solve this crisis.

That's just silly.

It astounds me, but my 'Please Fire Linehan' post from two weeks ago is still getting the most traffic on my blog. It seems people care a lot more about a crappy football coach on a crappy football team than the potential collapse of the stock market and U.S. economy ... Seems about right to me!

Ok, so I've admitted that the government probably had to do something to stem the financial crisis.

Now I'm going to talk about all the ways this bailout could - and probably will - go wrong (with the caveat that all the details still haven't been worked out).

The SEC has banned short-selling on financial stocks. The Treasury has guaranteed money market funds and is cooking up plans to spend hundreds of billions of dollars to buy distressed assets and save troubled banks. The market has rebounded huge, taking back all of this month's losses.

So are we all clear??

Hardly.

Whoo-boy. Another fun day on Wall Street. I just got done watching another episode of Jim Cramer's Mad Money and I gotta vent a little bit here.

I like Cramer. A lot of people think he's a buffoon, but I think he's incredibly smart, and he entertains and informs like few others in the business. And there is no denying his stellar record as a hedge fund manager in his former career (though I would venture that a lot of the practices he now rails against as a voice for the common man- like naked short selling - helped contribute to a lot of that performance).

Many people want to know how this country got into its current economic mess. The news this weekend that some of Wall Street's biggest, most prestigious financial institutions (Merrill Lynch, Lehman Brothers, AIG) are failing and need to be rescued will raise many more questions.

Of course, the full story is quite complicated, but one of the main drivers behind the current problems is the housing crisis, and the fact that these institutions allowed many homeowners to take on way more debt than they could handle.

I just wanted to offer my immediate, quick, bullet-point take on the flurry of GIGANTIC market-related news today, which i

briefly referenced last night.

A struggling economy. Rising unemployment. A crumbling housing market. Ballooning national debt. Disappearing social security and Medicare funds. Surging energy and food prices. Failing financial institutions. A looming environmental catastrophe. Increasing anti-Americanism. Burgeoning terrorist threats.

This is the reality.

No matter your political party or ideology, these are the issues that matter.

I understand few of my few regular readers will appreciate this particular post, but this is a matter of grave import: I really need the owners of the St. Louis Rams football team to fire their head coach.

The guy totally ruined my day, which is an impressive feat given how much I was looking forward to it. Today, after all, was the opening game in the touch football league I help organize, as well as the first Sunday of the NFL season.

I didn't want to let go.

My brother and I were dropping off mom and dad at the airport, appreciating our last moments together after a wonderful week celebrating our cousin's wedding with a lot of other family members.

It was while I was hugging my parents, saying my goodbyes, that I felt a sudden, powerful twinge of sadness. And I realized I didn't want to let go.

Been away and not able to update the blog, but a lot has gone on in the past week. i won't have the time to do a full posting for a few days, so i thought i'd throw out a bunch of quick hits, in chronological order since I began my trip.

On the same night I wrote about the idealistic Sixties and how the eventual disillusionment that followed has continued to hold its grip on the American psyche,  Michelle Obama gave a stirring speech at the Democratic National Convention about not accepting the 'world as it is" but striving to create the 'world as it should be.'

Saw the play 'Hair' in Central Park this past weekend.

Damn, it's a shame I missed the Sixties.

The outfits were funky and colorful and sexy. The music was danceable and uplifting. The drugs were mostly harmless, more about expanding the mind than escaping reality. And the whole free love thing, well, that seemed pretty groovy too.

This will be a very short post, but I don't understand how Lou Dobbs still has a job. Are his ratings really that good? He's turned a major primetime show on a mainstream news channel into not much more than a mouthpiece for his own personal jihad against illegal immigrants.