U.S. Markets Tank on China Economic Fears

What a way to start out the week! Within minutes of the opening bell, the Dow had its biggest intraday drop ever, falling 1,089 points and beating the 998-point drop during the "flash crash" of May 2010.

The trigger? China's Friday selloff and the unfulfilled expectation that the People's Bank of China would intervene and do something to prop up that flagging market. The government stayed hands-off, and when China's market opened Monday it suffered a massive stumble of 8.5%.

The Dow ended up closing down 588 points, and the S&P 500 and Nasdaq were down about 4%, respectively.

And stocks weren't the only major headline Monday; oil fell below $38 per barrel at one point. The hot commodity settled slightly above that level, but it's not unreasonable to question whether $30 will become a reality.

Not everyone was panicking Monday. In fact, some people were even making profits. I was joined by billionaire investor Jeff Greene, who said he bought 100,000 shares of Facebook, in spite of the fact that the social networking name was down 8%.