Asian markets plunge to new low
AP – In a rare coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday to prevent a mushrooming financial crisis from becoming a global economic meltdown
ECB sees crisis of ‘enormous proportions’ as Spain creates mortgage rescue fund The European Central Bank has dramatically changed its tune over the last twenty-four hours as the credit freeze worsens, acknowledging for the first time that the world faces the gravest crisis since the Great Depression. Guy Quaden, Belgium’s ECB member, “This is the worst financial crisis since the Thirties.”
Prime Minister Gordon Brown’s government will invest about 50 billion pounds ($87 billion) in an unprecedented step to prevent a collapse of the U.K. banking system.
IMF claims Britain ranks among the most vulnerable economies and faces a bleak future……The financial turmoil that began in the summer of 2007 has mutated into a full-blown crisis.The downturn will be ‘severe’ in the US, the report concluded, leading to ripple effects across the world.
“Everyone I know has had their come-to-Jesus partners meeting,” said Blonder, referring to sessions where people confront unpleasant truths. “This will create another hole in the [venture capital] market.”
Stock Market Crash- Where’s the Bottom?