Video (3min 10sec): Worldwide Financial Fiasco. Markets around the world hammered by credit crunch as Governments move to secure bank deposits.
"Markets were thrashed again on Monday as the US Credit crisis spread worldwide. The Dow Jones lost another three hundred and seventy points closing at under ten thousand for the first time since October 2004. At one point the Dow was down eight hundred points but managed to recoup half. The day started with reaction to sharp declines in Asian and European markets.
German Chancellor Angela Merkel: "I say very clearly: we do need financial markets in a modern, global economy. But we do not need untamed financial markets, in which profit is the only thing that counts - and greed. What we need are financial markets with rules that fit into the social market economy. That's what it's about. And that's what we must achieve."
