Stock market crashes through 7,500 floor on the way to much lower levels for the long term

The Dow Jones Industrial Average fell to its lowest point since 2002 and through the critical floor of 7,500 on its way to a correction toward or below the 6,000-point mark.

The mood on Wall Street and among investors across the country is nasty and fearful. And there is no confidence in the Obama administration, which one analyst on CNBC -- who predicted the markets' great fall -- said was implementing a piecemeal approach instead of addressing the entire picture.

Banks do not know which of their holdings will be held as bad assets by the federal government.

Retailers with declining consumer spending are no longer a safe haven for investors.

The price of oil rebounded by almost $5 a barrel today, which will mean higher prices at the pump.

A correction of another 15 percent in investor holdings in the stock market is now generally agreed upon by analysts.

This rapid fall in America's wealth continues to astound, along with the lack of leadership to address it.