People always try to find ways to interpret “market” drops for whatever political purpose they invent. But I’ve seen market volatility for no good reason at all many times over the past few months. And now, fundamentally, the reason of the drop is more fallout from the initial crashes, and more likely than the “market” reacting negatively to the stimulus is something else that has happened over the last week or so— a growing convergence of economists saying that a temporary nationalization of some of the mega-banks will be necessary (even though the Obama administration is suggesting they don’t want to do this, the banks are realizing more and more that it will happen at some point). So this drop is most likely an artifact of shareholders at the larger banks, realizing that they would be wiped out in a temporary nationalization, therefore panicking and bailing out. But this all highlights that a temporary nationalization, for toxic clean-up purposes, will be good once it is done—indeed, it really is the only hope of surviving this crisis.