The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.

CNN:

The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors slowly came to the realization that they have been living well beyond their means while harboring wildly inflated expectations about the viability of their future prospects.

From last November, Michael Lewis:

The era that defined Wall Street is finally, officially over.

From within the midst of the bubble:

People say to me, "Whatever it takes." I tell them, It's going to take everything.

From 2007:

Bird: Well, you have to remember two things about the markets. One is that they are made up of very sharp and sophisticated people, who ... these are the greatest brains in the world!

Fortune: Hmf!

Bird: And the second thing you have to remember is that the financial markets, to use the common phrase, are driven by sentiment.

Fortune: What does that mean?

Bird: What does that mean? Well ...