The injection of $700 billion into the market certainly hasn't done much to help the stock market today as it quickly sheds excess weight and challenges the big 770-point drop last week. Fear is on the rise as credit quickly dries up. Companies that desperately rely on short-term credit (car dealers, small stores needing holiday inventory, etc.) are running into problems getting the credit they needs as banks look for any reason to decline even seemingly good loans. Bad credit loans are pretty much non-existent at the moment.
The chances of avoiding recession are pretty much null at this point considering the problems on the global market. As bad as America looks at the moment, Europe may actually be in greater trouble due to their lack of any action. At the end of the day, the questionable American economy may still turn out to be the great stabilizer in the end. And despite the rocky road it has been on lately, the dollar is still the great hope for the world.
It could get much uglier before it turns around, but it will turn around. Some people will lose their jobs...it's going to happen. Some people will lose a lot of money. But market corrections are bound to happen and they hurt. Things will turn back around...but it's going to take a little while to get there. The question is just how far down we must go before that occurs.