Look out below! We're coming down fast!

The markets seem to be in nearly free fall as we close in on the close of business today. The DOW is down 217 245 277 right now, and then there's this:

NEW YORK (Reuters) - Bond market turmoil sending investors fleeing from risk may be a worse predicament than the 1980s stock market fall and Internet bubble burst, Bear Stearns Chief Financial Officer Sam Molinaro said on Friday.

In the time it took to write this, the Dow slipped 60 points.

Update: Looks like the bell stopped it at -285, give or take.