Why did the market tank today? Some analysts think the market was overbought in the last few weeks — a typical bear market rally built on little more than the expectation of things improving. Others are more specific:

Over the weekend the Obama administration forced out the chief executive of General Motors and said that the best chance for success for the struggling auto maker and Chrysler may be bankruptcy. Treasury Secretary Timothy Geithner meanwhile signaled some banks are still ailing and will need further aid from the government.

At 1:50 p.m, the Dow Jones Industrial Average was down about 302 points. GM shares, which have slumped to their lowest levels in decades in recent months, fell 21%. The administration’s auto task force determined neither GM nor Chrysler put forward viable plans to restructure and survive. Chrysler is closely held.

Strategist Bill King, of M. Ramsey King Securities in Burr Ridge, Ill., said investors are skeptical that the government can engineer a turnaround for the car makers. “These guys have no experience running factories and getting their fingernails dirty,” said Mr. King. “But at the same time, you have them running bigger and bigger chunks of the economy.”

Perhaps the notion of Geithner as director of compensation/CEO headhunter/uber-regulator/bank liquidator doesn’t inspire confidence. Or it may be that everyone is getting out of the market ahead of the jobs numbers and other economic indicators which are due out later in the week. It’s going to be a long and slow climb back for investors, consumers, and businesses — especially those who have come on bended knee to the government.