Is This The Big One? Day of reckoning in the US glasshouse

By Mike Whitney

On Monday, fears of a US recession spilled over into Asian markets sending stocks tumbling. Indexes were hammered across the board in what turned out to be the worst day of trading since 2001.

//www.informationclearinghouse.info/article19126.htm



Stock markets plunge worldwide

Britain's benchmark FTSE-100 slumped 5.5 percent to 5,578.20, France's CAC-40 Index tumbled 6.8 percent to 4,744.15, and Germany's blue-chip DAX 30 plunged 7.2 percent to 6,790.19.

//news.yahoo.com/s/ap/20080121/ap_on_bi_ge/world_markets



Chinese shares close more than 5% lower

Analysts with Shenyin & Wanguo Securities warned that investors should take every caution against the latest correction, which had just begun, and that risks would overweigh opportunities in the near future.

//news.xinhuanet.com/english/2008-01/21/content_7464486.htm



US recession fears wipe £57bn from London shares

London's FTSE 100 fell to an 18-month low as markets took a dim view of President Bush's plan to fight off a US downturn.

//business.timesonline.co.uk/tol/business/economics/article3224633.ece



Corporate Default Risk Soars to Record on Ambac Ratings Cut

The risk of European companies defaulting soared to a record on concern credit ratings cuts at bond insurers Ambac Financial Group Inc. and MBIA Inc. may trigger forced asset sales and worsen credit market turmoil.

//snipurl.com/1xxvr



Day of reckoning in the US glasshouse

There is a growing consensus: America is going into a marked slowdown, if not a downright recession. There will be a large gap between potential growth - usually estimated at 3 per cent to 4 per cent - and actual growth, meaning lost output of hundreds of billions of dollars. America actually faces three separate but related problems; a credit crunch, a debt crisis and a macro-economic problem.

//snipurl.com/1xxvs


From Information Clearing House

--------

Stock Markets Plunge in Asia and Europe

David Jolly and Heather Timmons, reporting for The New York Times, write: "Global stock markets plunged on Monday as fears spread that the turmoil in United States mortgage markets is spreading. Indexes in Europe fell as much as seven percent after a huge selloff in Asia."

//www.truthout.org/docs_2006/012108C.shtml



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