Interesting post over at Dr. Housing Bubble about the Dow, California budget, economy, and housing market (quite a post!). I'll stick to this tidbit he points out about the Dow.

Dr. HB took a look at the 20 largest daily percent declines in the Dow's history and found:

Out of the top 20 percent declines on the Dow, 2008 is the winner which should give you a perspective on the volatility we have been witnessing on the market.