Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.

Bank stocks plunged again Thursday with some of the biggest names in the industry falling to their lowest levels in more than a decade. It's anybody guess when the selloff will end.

Oil prices continued to plunge Thursday, dropping below $50 a barrel as growing concern about the economy pointed to weak demand for energy. The price marked the lowest level in three-and-a-half years.

The dollar was mixed against major currencies Thursday as investors were jittery about the global economic slowdown and as the fate of the US auto industry bailout remained in limbo.

Overseas stock markets fell sharply Thursday, taking a cue from Wall Street, as investors remained anxious about the grim outlook for the global economy and corporate profits.

I was thinking about the financial mess the other day and I came up with this theory. I'm wary of it because it's comforting, even uplifting, and by definition any economic supposition that has a happy ending is suspect. So with that caveat here goes:

Demand for U.S. Treasury bonds remained robust Thursday, with the yield on the benchmark note falling to an all-time low, as investors continue to flock to the safety of government debt.

The mantra is "higher risk, higher reward," but the safest bets have given investors the most bang for their buck this year.

General Motors has a market capitalization of just $2.1 billion. The stock, which now trades for a little more than $3.50 a share, hit a 70-year low on Thursday.

Japan stocks fall on grim bank earnings, doubts about fate of U.S. auto rescue.

In the mess that has enveloped companies and the broader economy, there is a lot of finger pointing and blame being thrown about. Some people have the patience to wait for karmic retribution. For the rest of us, there are securities lawyers and regulators aplenty to mete out punishment.

"Brother, can you spare a dime?" During the Great Depression, ten cents could buy a little something for those really hard up.

On the surface, this financial crisis seems pretty complicated. Wall Street firms made convoluted bets on exotic mortgage securities, and those bets failed for a complex set of reasons. But in fact, investment banks went under for reasons that were quite basic.

Is the international investing game over?

Lisa DeAngelis and Randall Cobb look like investing geniuses right now. While the S&P 500 has dropped more than 40% since last year's peak, the Atlanta couple's retirement portfolio is sitting pretty, earning 4% or so a year.

Will there be an Obama market rally?

Not every U.S. financial company is running to the government for help.

Question: I know market timing is a loser's game. However, I do think there is abundant evidence that the next 12-18 months are going to be very difficult for equities. Do you see any merit in trimming some equity holdings, parking the proceeds in short-term bonds or cash, and committing to immediately dollar-cost averaging back into the market on a monthly fixed schedule?

The outlook for retailers isn't good. Here's one way pros are separating the winners from losers.

Pass the Dramamine. Every time it seems that one financial crisis is resolved, another shoe drops. And it's starting to look like there are more shoes than in Imelda Marcos' closet.