Dow Falls another 1%

Dow falls another 1% and drops under 12000. Is market panic starting to set in? After hitting a high just a few weeks ago of 12, 845 - we are now down about 8% from those levels and about 4% overall for the year. The Nasdaq is fairing even worse. There seem to be no safe havens at this point as not even energy is a shield at this point. I think the following stocks at these levels are no brainers in the long term, Caterpillar (CAT) sits at 62. Bank of America (BAC) is at 48 and change. BP (BP) is under 60. This is typically a tough time of year anyway because of slow retail sales typically as you hit the dead period after christmas and before people shop for their summer clothes. As is typical, oil is also rising due to seasonal demand. You combine that with the subprime problems and sure enough the market is taking a severe beating. Do I see any immediate turn? No. With these problems, I wonder if we will finally get a rate cut. I again think the FED as they did in the late 90's and early 2000's made a mistake in raising interest rates much too quickly.