Fear and panic is now gripping the world as the financial crisis that originated in America is now felt all over the world. As it looks, the end is yet nowhere in sight.
Yesterday, the markets opened in New York in positive territory after traders received encouraging piece of news from the federal government. But it did not last long as the Dow Jones Industrial Average ended the trading session down by over 500 points. That, after the benchmark fell by over 300 points the day before and a week after it got pummeled by nearly 800 points in its worst single-day loss ever.
The jury is still out on how this crisis will affect the Philippine economy. Right now, signal bells are starting to ring such as the troubles of PhilamLife, the country’s largest insurer. Remember, that PhilamLife has ties with the American International Group (AIG), which a couple of weeks ago shocked the world with their impending bankruptcy that sparked a myriad of events that lead to our current situation.
Shades of the 1930s-style Great Depression are beginning to creep in from the horizon and no wonder many are predicting things will even get worse before it gets better.
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