We've turned a corner, alright.

A few weeks ago, the B-C'04 line was that the economy was strong and getting stronger, and that we were "turning the corner."

Stocks Tumble As Oil Tops $55 Per Barrel Oct 22, 3:19 PM (ET) By MICHAEL J. MARTINEZ NEW YORK (AP) - Worried investors sent stocks sharply lower as crude oil futures topped $55 per barrel and tepid earnings from Microsoft Corp. (MSFT) and the Coca-Cola Co. offset Google Inc. (GOOG)'s strong third-quarter report. The Dow fell more than 101 points in late trading. Oil prices continued to pressure the market, casting doubt not only on fourth-quarter earnings, but also on the health of the economy as a whole. A barrel of light crude was quoted at $55.17, up 70 cents, on the New York Mercantile Exchange. "These oil prices are really going to bite the consumer at some point. Heating oil is up, it's supposed to be a very cold winter in the Northeast, and lower and middle income people are going to pay," said Russ Koesterich, U.S. equity strategist at State Street Corp. (STT) "Combine that with a total lack of fundamentals in the big name stocks, and there are very few places left to hide for investors." Shares of Google surged in early trading as the online search giant doubled both revenues and profits from a year ago. Like its initial public offering two months ago, Google was one of the few bright spots in an otherwise nervous market.

In late afternoon trading, the Dow Jones industrial average fell 101.92, or 1 percent, to 9,763.84. The Dow was poised to set a new low for the year to date.

Broader stock indicators also were substantially lower. The Standard & Poor's 500 index was down 10.48, or 1 percent, at 1,096.01, and the Nasdaq composite index lost 36.72, or 1.9 percent, to 1,916.90.

All three major indexes were set to end lower for the third straight week, as the continued rise in oil prices and middling earnings reports sapped confidence from investors. A wait-and-see attitude also pervaded the market, with major economic reports, including the first reading of the third quarter's gross domestic product, and the presidential election looming.

Look out, stagflation. Here we come.