Here are some statistics (via MSN Money):

The S&P 500 has lost 49% so far this year, putting it in line for its worst annual decline in its 80-year history.

The Dow is down 19% so far this month; November is on track to be worse than October (the worst month on record), when the Dow lost 14.6% in the first 14 trading days. The Dow has lost 945 points this week alone.

The value of the U.S. stock market has been cut in half in the last 13 months — the biggest overall market decline since the 83% drop between 1930 and 1932, according to the Stock Traders Almanac.

It may sound very cliche to say, but its definitely true. This is a great opportunity to invest in the market, a market that has been beaten so badly.

Buy low, sell high. One of the most basic, yet toughest, investing principles to follow. To apply this, you must go against all emotions, which is not easy to do. Fortunately, there is precedent. It has been done before, and many have reaped the benefits.

Be fearful when others are greedy, and be greedy when others are fearful.- Warren Buffet