The U.S. House of Representatives' passage of the $700 billion rescue package already seems so-well, last week. After a brief moment of relief, investors focused on their fears again, and the result was a drawn-out bloodbath on global bourses. The Dow sank 370 points on Monday, 508 on Tuesday, and 189 more on Wednesday. The toll in Europe on Monday alone: Britain down 7.9%, Germany 7.1%, France 9%. Emerging markets joined in, with Russia off 19% on Monday and Brazil dropping 13% in the three days through Oct. 8. Asia got into the act in a big way on Wednesday as Hong Kong, Singapore, South Korea, and others fell 5% or more and Japan cratered by 9.4%, the biggest one-day loss there in two decades. "This isn't normal," said new Japanese Prime Minister Taro Aso, in the understatement of the year. The plunge, he added, is "frankly beyond our imagination."
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