As the Dow Jones Index approaches decade lows. I'd say we're moving thru Capitulation to Despair. The markets are realising that the US is now run by quacks and scoundrels, who prescribe poison for medicine. Worse the quacks and scoundrels won't go away for 4 years, maybe 8 years, maybe 12 years. Then it may be too late. There is a moral component to government. This lot don't have it, so why should politics be self-correcting ? The liberals can now fix the census, fix citizenship, fix electoral rolls, fix freedom of speech, fix the media and fix the courts. If politics no longer self-corrects, why should markets ? 'Return to the mean' isn't guaranteed. Maybe that's a sign of Despair.