We are now seeing, among the industrialized countries a level of financial panic the likes of which we have not seen in our life time.
President Bush, in making the case for the $ billion rescue package warned that “the entire US economy was now in danger”: he cautioned that the current crisis could wipe out banks, empty retirement nest-eggs, send home-values into a free-fall and create millions of new jobless. Warren Buffet called the crisis “a financial Pearl Harbor”.