Monday, this happened [Link: BBC News]
The FTSE 100 index tumbled 5.5% to 5,578.2, wiping £77bn ($149bn) off the value of its listed shares.
Indexes in Paris and Frankfurt slumped by about 7%, while markets in Asia, India and South America also dropped.
and then this [Link BBC News]
The US Federal Reserve has cut interest rates to 3.5%, a shock three-quarters of a percentage point reduction.
Fighting to stave off a US recession, the move failed to calm investors, with US shares continuing sharp falls as Wall Street opened for Tuesday trading.
One analyst said the Fed was “obviously panicked” by the threat of recession.
This is what we call a suiciding market. We’re going to dip into a recession because everyone says we are…and the steps they take to protect themselves will slide us further towards recession.
It’ll be a nice epitaph to the Bush administration.