Bloomberg says the S&P may drop another 12 percent “if history is any guide.” That would put it at the average fall of the last eleven bear markets—30.4 percent.

Here’s the Quote of the Day, on the Band-Aid nature of the government’s tax-rebate stimulus:

“The various forms of stimulus are ultimately going to be unsuccessful,” said Jason Trennert, chief investment strategist at Strategas Research Partners in New York. “It’s like cortisone. It allows you to play hurt, but it doesn’t do anything to actually cure the underlying injury.”

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.