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Market Panic Gathers Steam

Markets are getting destroyed today on a raft of concerns about the economy. Most notable is the crisis in Greece, which is watching its market evaporate furiously, even after a recent bailout of Greece that was designed to stem the contagion.

This is just part of the story, of course. US data continues to come in weak, and the budget tightening associated with the debt ceiling deal has the markets remembering pastn premature tightenings in the middle of the recession (Hello, 1931).

This is the worst of a big, multi-day selloff. Stocks had been falling for 8 straight days prior to yesterday, when some headlines about QE3 saved the day.

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