Update on the US markets, AIG and more, DOW at 6800

From Finance.yahoo.com:

A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.

The Dow Jones industrial average plummeted below 7,000 at the opening bell and kept driving lower all day, finishing at 6,763 -- a loss of nearly 300 points. Each of the 30 stocks in the index lost value for the day.

Investors were worried anew about the stability of the financial system after insurer American International Group posted a staggering $62 billion loss for the fourth quarter, the biggest in U.S. corporate history -- and accepted an expanded bailout from the government.

Big-name investors are just as cautious. Billionaire Warren Buffett predicted in his annual letter to investors Saturday that "the economy will be in shambles throughout 2009 -- and, for that matter, probably well beyond." He cautioned that did not determine whether the market would rise or fall.

First, its amazing how badly the US markets are deteriorating. Second, AIG 60 billion dollar loss. Who in their right mind can lose so much money? Third, Warren Buffett directly contradicted Ben Bernanke's statements. Bernanke is looking like a stooge who keeps screwing up.