Investors are also expecting a decline in mobile phone demand in 2009. Dow component Intel Corp slid 1.3 percent to $13.80 while Applied Material was off 0.9 percent to $9.64 and National Semiconductor slid 1.8 percent to $11.05.

Intel fell to a new 2 year low. Yahoo fell US$2.04, or 10.8%, to US$16.88. That's a new 5 year low. Dell fell US$1.59, or 9.4%, to US$15.41. That's a new 10 year low. Sun fell 89 cents, or 11.7%, to US$6.75. That's a new 13 year low. AMD fell 87 cents, or 16.9%, to US$4.29. That’s a new 17 year low. Qimonda fell 48 cents, or 32.4%, to $1. That’s a new all-time low, but it still could go lower; there are growing concerns that the memory chip maker is headed for nsolvency.

An engineer and professor by training, Barrett is a typically cool character. But in a 30-minute conversation, the silver-haired technology veteran vented his anger and frustration over Washington’s inability to solve America’s long-term problems. He is particularly upset that Washington failed to write a check for the US$1.2 billion in increased funding for basic research and science and technology education authorized by the America Competes Act, which President Bush signed into law in August of 2007.