It's now being called a market "crash." And we're seeing the fallout here in Utah.
At brokerage houses and investment firms, the collective word is "ouch."
"It's been pretty brutal. The phones have been ringing off the hook," said James Derrick at Smedley Financial in Salt Lake.
He says people want their money out, now.
"That's what we've got right now is fear. We know F.D.R. said, ‘The only thing we have to fear is fear itself,' and that's what we have right now," Derrick said.
He says there is still potential in say, municipal bonds. And even if you like gambling, he says only bet on a diversified portfolio.