The House of Representatives' rejection of a proposed $770 billion bailout of the financial industry sent the major averages plummeting Monday.
Dow Jones Industrial Average
fell 777.68 points, or 7%, to 10,365.45. The
lost 106.59 points, or 8.8%, to 1106.42. The
dropped 199.61 points, or 9.1%, to 1983.73.
For the Dow, it was the
single-day point drop and its worst single-day percentage decline since Sept. 17, 2001. Each of the 500 stocks that make up the S&P 500 finished the day with losses, except for
. And for those throwing around the "D" word, depression, a rising soup stock seems only fitting.
Here are some scenarios the markets now face, according to Jim Cramer:
1. worldwide economic collapse;
2. a depression that is a sequel equal to the Great Depression;
3. many, many more bank collapses than we have had already; and
4. much more unemployment and many, many foreclosures.
"I still believe that they can pick up the pieces somehow, but I cannot hide my thoughts that we have an economic disaster on our hands and the only weapon we had created was the mortgage plan,"
So with this backdrop, we'd like to know where you think the Dow will finish this troubled year. Please vote in our poll below.
This article was written by a staff member of TheStreet.com.