Call the Dalai Lama: Wall Streets Freaking Out

Cue the freakouts.

Stocks fell today amid concerns about poor second-quarter earnings. We fully expect freakouts stemming from the short-term perspectives that govern how our financial system works. How we wish Zen perspectives would prevail.

Anyway.

AT&T Inc. (T) and Verizon Communications Inc. (VZ) closed down 1.59 percent and 1.82 percent, respectively. That happened after Sanford Bernstein & Co. cut its 2009 profit estimates for both companies.

Say it with us: “Ommmm. Ommmm.”