Well, at least Oil is down.

At the moment the S&P 500 is down 6.5% and NASDAQ is down 6.7%.

Scary part, those are up from session lows. The really scary part, the S&P was at approximately the same level in 1998. Lost decade anyone?

Silver lining, RBOB Gas is down7.2% at the moment, closing in on $2 per gallon. Additional silver lining, you weren't recently in charge of a now bankrupt investment bank. Although I suppose some of my legions of lurking readers could be failed ibankers. I don't think that's all that likely, but this is the internet, so anything can happen.