It’s bad out there.  How bad is it?

- Yesterday, the stock markets were at 1997 levels.  In one day, we now find ourselves in 1996 levels.  Yippie!

- Best quote ever, by legendary investor Jim Rogers (George Soros’ sidekick):

Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world’s biggest economy, Rogers said.

* Slideshow: Origins of the Financial Crisis, Then and Now

“I think it’s astonishing, they’re ruining the US economy, they’re ruining the US government, they’re ruining the US central bank and they’re ruining the US dollar,” he said.

“You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world’s most powerful country.”

Japan’s economic “lost decade” was caused by trying to bail out the banks, and the West risks running out of money if it doesn’t let the bad banks fail now, Rogers warns.

Why isn’t this guy running the Fed?

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