The JSE is just above the 23000 level now. Money is eroding rapidly off world markets as banks domino into a black hole of toxic nothingness and phantom money going up in smoke.
Wall Street is fearful the government's plan to buy up toxic debt wouldn't be sufficient to resuscitate nearly frozen credit markets.
Tight lending conditions make it harder and more expensive for businesses and consumers to get a loan, which can hurt the economy.
In midmorning trading, the Dow fell 272.72, or 2.45 percent, to 10,870.41 after having been down more than 350.
The dollar was mixed against other major currencies, while gold prices rose.
Wall Street is also worried about overall sluggishness in the world's economy. In the U.S., for example, unemployment now sits at a five-year high of 6.1 percent. That rate is expected to increase, perhaps putting further pressure on consumer spending, which accounts for more than two-thirds of the nation's economic activity.
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clipped from news.yahoo.com
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