So what's new?
Stocks are cheaper. That's the news.
The market is panicky that the market is dropping. You can debate whether now is the time to buy stocks, but you can't deny that now is a better time to buy stock than two weeks ago. The market just got itself into one of those deals where it focuses on the problems that have been hanging around being ignored for a while.
The US is having trouble cutting the deficit. We were talking about this stuff back in the 1980's when I was a kid. Ross Perot ran for President in 1992 with a whole collection of charts showing the deficit problem. Congress fought for weeks about a bill that promised cuts to the budget long after the terms of the current members ends. I think all that was probably priced in. Maybe somewhere you had someone pricing in that Congress was going to solve the problem without raising taxes or cutting spending that matters or devaluing the currency, but I assume that guy probably lost his shirt long ago or never had one to begin with.
The European debt crisis is ongoing and the Europeans can't all come together and agree that Germans need to work harder so the Greek government can hand out bigger checks. Dang! I thought that problem was solved months ago.
The US Economy isn't creating enough jobs. That's news. I thought American companies had quit outsourcing the jobs to China. Oh well.
I'll just be a sucker and pick up some companies I like at a cheaper price than they were last week.