Dow drops 504 points, 4.5%

Weren’t the financial zombies supposed to be dead and buried, with all the problems magically fixed? That’s what mainstream media told us for months. Everything is fine, just fine, just a few little speeds bumps that’s all. But then, whoa, two major investment banks vaporize in a weekend, while giant insurance company AIG screams for tens of billions in loans and Washington Mutual looks to be circling the drain. Oopsie.

Interesting, isn’t it, that financial blogs were first with news about the credit crisis, reporting on the then impeding crisis accurately and exhaustively long before mainstream media did. Many of them were mocked by mainstream media at first. But no one is laughing any more.

Take a bow, financial bloggers. Here’s some of the financial blogs I read. All are written by pros in their respective financial fields.

Calculated Risk.

Mish’s Global Economic Trend Analysis.

The Big Picture.

Infectious Greed.

Naked Capitalism.