Markets are down:

All the markets are down, but not as much as expected.  However, we are only five minutes into the open so there is plenty of time for them to move further. 

Confidence needs to hold:

Did I goto the bank yesterday and pull out a bunch of cash from the ATM?  Yes!  

If a run on the banks ensues their reserves will plummet and we will have a much larger crisis on hand.  Therefore reassurance is crucial.  Just wait for major figures to get on television and tell the public that everything is okay.  

How is everything okay?  Major companies are vanishing!

Future:

The talking heads on CNBC are saying how you probably don’t want to pull out your money from the market as “historically” that is the worst thing you can do.  They seem to think that the future outlook is positive.  Some may say then when “blood is on the streets” that is the time to buy.  Fundamentally, banks are still facing major hurdles including alt-a loans, more ARMs converting, credit card defaults, and who knows what else.  Thus I’m not convinced.