Liz Swain 4:24 p.m., May 24
Stocks Crash in Panic Selling, Volatility
U.S. stocks crashed this afternoon, then bounced part of the way back. Pundits blame the Greek situation, although it is much more complicated than that. At one point, the Dow Jones Industrial Average was down almost 1,000 points. At just after noon, it is down around 400. To make a long story short, Greece is a microcosm of most of the world, including the U.S. Greece is living beyond its means. Just as the European Union is bailing out Greece, there is a feeling that the U.S. will have to bail out California, Illinois, New Jersey and other states. Another factor is that strong amendments to the financial reform legislation are gaining steam in Congress.