DOW Closes Down 521 Points - Bears Create Another Bloodbath For U.S. Equities

After rallying back from earlier 400+ point losses, the DJIA tanks in the final hour to close down over 500.

• Read the details here

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Selected stories from around the web today:

Merkel faces German REVOLT over Eurozone BAILOUT

Bernanke Indicates Fed Dissenters Won’t Impede Additional Asset Purchases

BofA Sells Mortgage Portfolio to Fannie Mae

US Banks Face 'Headwinds' But Aren't 'Zombies': Jamie Dimon - CNBC

Goldman Sachs: "QE3 Is Now Our Base Case"

Goldman Sachs' Education Management Corporation Accused of Widespread Fraud

Boehner names GOP members of Super Congress Debt Panel

Reid Will Name Sens Murray, Baucus, Kerry To Debt Panel

Summary Of Super Congress Appointments From Both Sides

McConnell wants 'significant entitlement reform' from Super Congress

And Now, The Dumbest Thing You Will Ever Hear

PHOTOS - Riots In Chile

Death of a carbon salesman: Chicago Climate Exchange

Slide in U.S. Home Values Slowed in Second Quarter, Zillow Says

Comments

[john]

Great News: Just 10% More Quote Churn And The Broken Market "Resets"

http://www.zerohedge.com/news/great-news-just-10-more-quote-churn-and-market-resets

[snip]

For all those wondering what may force the "GREAT RESET", we now know. According to the below email from the Nasdaq sent out 24 minutes before close, we were just 10% away from the Nasdaq essentially DKing all trades on one of its UTP channels, and "restarting the outbound message count. If the count is restarted, the UTP SIP will be unable to process any UQDF retransmission requests for the affected data channel..." All we need now are the HFT quote churners to put the empty churn knob on max tomorrow, and the market, well, breaks.

[john]

U.S. Considers Funding Various Mexican Energy Projects

http://www.tradeaidmonitor.com/2011/08/us-funding-mexican-energy-projects.html

[snip]

enable the development of a 70 MW wind power generation project in the Municipality of Zacatecas. The Feasibility Study will allow the Grantee to assess available wind power resources, verify the power demand profile, evaluate the financial value of wind power in comparison to existing power supply arrangements, and draft legal documents and agreements.