World Markets Crash

In sympathy following the disastrous decline of the US financial markets, European stocks recorded their largest drop in four years. We are seeing market meltdown across the board as record number of subprime mortgages enter default and banks are forced to sell foreclosed houses.

The world faces a grim economic forecast as mortgage meltdown in the US financial markets spreads like a disease to the rest of the globe. Most financial institutions have some exposure to the subprime debacle. Wall Street is now very wary of banks that loan money to people with less than stellar credit.

I predict that things will get much worse before they get any better. This is just the start of what will soon become an ugly chapter in our story.