Top 10 Myths of Tuesday's Correction

On Tuesday, a long overdue market correction took place. At its worst, the Dow Jones Industrial Average was down well over 500 points. As has been recounted endlessly by the media, this was the worst single day since Sept. 17, 2001.

It didn't take very long for the spinmeisters to get busy. Numerous reasons were spun out as to why stocks fell -- ranging from merely uninformed to misleading to utterly false. I have seen, read or heard each of the following reasons offered either on the major networks, in the business press, or on the radio. While you have likely seen most of these, I doubt you have seen the facts figures and analyses that follow each.

My top 10 myths of the Great Correction of 2007:

1. Chinese regulators caused the meltdown. ...