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If you are sitting in your office or at home thinking: "What am I going to do next? The economy is getting worse by the day," you are not alone. For the first time in a generation real fear has gripped the nation. This was reflected in the action of the markets since the beginning of the month.
Global markets are at multiyear lows, as is the U.S. Dow Jones Industrial average. The S&P index sank below the psychological 800 level.
This past week, attention was focused on central and eastern Europe, where the recession is gaining momentum on the downside. Now add to this mix the banking crisis. Investors are fearing a lack of solvency among the big international banks. Credit default swaps are rising, with Korea hitting a three-month high. Then you have the crisis in Japan, where GDP is falling by an annualized rate of 12.7% in the past three months.
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