“When we came in to work today, the futures market was telling us the world was about to end,” said Sid Mokhtari, a market technician at CIBC World Markets Inc. “In the end, we managed to hang in there relatively okay. But sellers still have the upper hand, and we're still searching for a bottom.”
Where that bottom is, no one really knows. As country after country announces it is expecting, or already experiencing, a recession, it is becoming clear that this is no fleeting panic.
“This is a once-in-a-lifetime crisis, and possibly the largest financial crisis of its kind in human history,” said Bank of England deputy governor Charles Bean. “In terms of impact on the real economy we are still early days.”
With a speed that is taking everyone's breath away, the world has gone in a few short weeks from credit crunch to credit crisis to global financial meltdown and now to full-blown economic emergency.
An excerpt from a RoB article.
