Yes the carnage did happen Friday but it was due to mainly the...

Yes the carnage did happen Friday but it was due to mainly the factors stated below, don't know why everyone seems surprised about CIT Group.

CNBC - Published: Friday, 30 Oct 2009 | 5:53 PM ET
By: Cindy Perman - Writer

"Stocks tumbled Friday, giving back all of the gains from the prior session, as worries about the recovery escalated after a pair of reports on the consumer and as the dollar rallied.
Disappointing data on the consumer got the day off to a weak start: Reuters and the University of Michigan reported their gauge of consumer sentiment slipped to 70.6 in a final October reading from 73.5 in September. And the government said consumer spending fell 0.5 percent last month while income was flat. Separate reports showed employment costs rose and New York City's economic activity continuing to pick up. A technical glitch this morning further rattled the market: A flood of erroneous orders at the open temporarily prevented the New York Stock Exchange from disseminating quotes."

and this - CNBC - Published: Sunday, 1 Nov 2009 | 10:25 AM
By: Patti Domm
Executive Editor
"the Dow plunged nearly 250 points Friday. As stocks moved lower, the Chicago Board of Options Exchange's VIX, or volatility index, shot higher, signaling increased fear in the market Friday."
"The reason the VIX popped so much is because of the out of the money put buying in the S and P 500," said Patrick Kernan of Cardinal Capital. "A level over 30 means people are panicked about this market being choppy over the next couple of weeks." The VIX rose 24 percent Friday to 30.69.
"The price to cover downside risk, meaning a break in the market, has gone up incredibly," he said. Kernan said the VIX is now implying a daily move of as much as 19 points in either direction.