Yesterday we mentioned how our ignorance of finance had shielded us from the knowledge that the country was experiencing some kind of credit crisis; this morning, that knowledge is unavoidable. Most of the major papers front the news that markets are in trouble, as even mortgage companies that made "good" loans are seeing slow payments and defaults. The S&P dropped 2 percent and the Dow Jones industrial average lost 226 points. Among the firms in trouble? Apple Inc., which lost 6 percent of its value after revelations that iPhone sales were weaker than expected.

Our anecdotal research shows much the same: In New York, only a few have made the crazy plunge. While it's true that it can get you laid on the subway, still your mileage may vary. iGifts always work though. But our main contention still stands: If you see a guy with an iPhone, you'd best figure he's gay.

In any event. While we're naturally concerned about the economy, or would be, if we had any idea how it worked, we are, at least, taking some small semblance of comfort in Apple's woes. While we were initially depressed to think that the world was filled with schmucks who'll pony up for the latest shiny gadget just because Steve Jobs blesses it on stage at some conference, it turns out not to be the case: It's just the schmucks we know personally.

Markets tumble as credit concerns spread [FT.com]
Apple Takes Hit On AT&T's iPhone Sales [WSJ]