Deflated

The DOW tumbled and lost 104 points while the S&P lost 12.65 big ones.

Crap.

So today the talk is about the likely phase out of the government's first time home buyer credit. Investors are not pleased with the phase out. They want to keep the credit phased in. Makes one wonder exactly what the credit was for in the first place, Wall Street or Main Street.

Regardless, with the economy allegedly out of recession, call it post partum recession, why would the government continue with the handout.

Investors feel the housing market needs the continued shot of well being.

Today was Wall Street's way of protesting a decision that investors do not like, shed a few billion and then party likes its 1999.

Reuters: Wall Street sinks on home builder worry, financials

Without the home buyer credit, investors worry that the struggling housing market might lose a crucial incentive that has spurred hopes of stabilization in recent months.