Reality sucks but corporate americans answer to their crappy earnings is to cut cost, well if everybody keeps cutting cost and moving their businesses out of the country basically the united states will cease to exist as we know it. Earnings now reflect the new reality that easy money is no longer available. But if companies can't create new products then they can cut cost all they want buy eventually that trick will runs its course and the stock prices will adjust accordingly. The states and federal gov't tax receipts are going to be so low next year that the deficits will be out of control.