Turmoil in the markets

Following the House of Representatives failure to pass a bailout plan for our beleaguered banking sector, the market tanked. The dust is still settling, and it may take well into the night for brokers, accountants and wall street paper pushers to close all the transactions on an off the charts high volume day. It looks like the S&P will end up down between 8% and 9%, though. This will be either slightly less than the percentage loss on October 26, 1987, in the days following Black Monday, or possibly a good bit more. Furthermore, if congress does not act quickly, today's drop may be the precursor to a crash akin to 1987.

But what does this all mean to the horse racing fanatic? Clearly, it is time to realign your portfolio. Get out of volatile investments like stocks and bonds. Given recent bank failures, you're deposits may not even be safe. I recommend putting all your money in less risky investments, like thoroughbred race horses.