All the dominoes are tumbling. World financial markets are reacting to the US financial crisis and according to the LA Times the Dow has fallen almost 500 points as of 8:35 EDT, to below 10,000 for the first time in four years.
UPDATE: The Dow plunge has reached almost 800 points. The LA Times adds:
-- Potentially severe worldwide recession is feared.
-- Global recession jitters also caused oil to drop below $90 a barrel.
-- Congress held its first hearing today into what caused the nation's financial markets to collapse last month.
-- EBay said it would lay off 10% of its global workforce, or about 1,000 employees.
UPDATE 2: The NY Stock Exchange has closed, with the Dow down 369, recovering partially from its 800 point drop.
It makes you wonder who would even WANT to be president under these circumstances.
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