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Friday's international contagion of bearishness was inspired by Thursday's sell-off frenzy in New York City, which drove the Dow Jones index down 7% and neatly erased $872 billion of value from company and shareholder books. Fears that Wall Street would suffer another battering session Friday proved founded, as the Dow traded sharply down in the morning. Observers short on rational explanations for the nosedive could find solace only in the calendar: at least trading ceases on weekends...

Author: /time Magazine | Title: What Will Break the Worldwide Panic Reaction? | 10/10/2008 | See Source »

...Instead, worries are growing that a severe economic downturn in the U.S. and Europe could hurt export-driven Asian economies more than originally thought. Turmoil in Europe as governments scramble to cobble together their own bailout packages has convinced Asia that the contagion will spread far from Wall Street. "We felt pretty good that our economies are stronger," says Song Seng Wun, an economist at CIMB-GK Research in Singapore. "Problems seemed to be other people's problems." But recent events "have made us realize that we aren't entirely safe. It looks like the problem might be closer...

Author: /time Magazine | Title: US Financial Quake Rocks Asia | 10/7/2008 | See Source »

...pace since 2003. Next year could be worse if the U.S. enters a full-blown recession. "There are few signs as yet of the damaging effect but it will show up soon enough," says Ramon Navaratnam, a former senior official in the Malaysian Finance Ministry. "We cannot escape the contagion...

Author: /time Magazine | Title: Asia's Good Times at Risk | 10/2/2008 | See Source »

...French banks lessens the prospect of foreclosures, which have haunted millions in the U.S. and are one major origin of the current crisis. That's hardly a reason for smugness, either, though, since there's scant evidence that enlightened domestic practices in France or anywhere else can ward off contagion from a global meltdown...

Author: /time Magazine | Title: No Gloating in France on Finance Crisis | 9/23/2008 | See Source »

...sometimes takes a good financial crisis to remind us just how interconnected we are. When the New York stock market crashed in 1929 the economic shockwaves reached London, Paris and beyond, in one of the first examples of global economic contagion. News travels a little faster these days, and markets don't just follow Wall Street's lead, they anticipate it: stocks in parts of Asia dropped even before New York awoke last Monday, previewing the bloodbath that was to come in the U.S. Here's the buzz (and gloom) from five global financial centers - along with the drop...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

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