Global stocks fall on credit fear

http://news.bbc.co.uk/2/hi/business/7102751.stm

Global stocks have slumped amid fears over the fallout of the credit crisis, after Goldman Sachs downgraded Citibank and forecast $15bn (£7.3bn) in losses.

The Dow Jones industrial average fell 217.86 points, or 1.65%, to end at 12,958.93 - its lowest level in three months. The Nasdaq shed 1.33%.

London's FTSE lost 170.4 points at 6,120.8 - its biggest drop since the credit crisis peaked in August.

European stocks also fell more than 1% in both France and Germany.

The benchmark Frankfurt Dax shed 1.3% and the Paris Cac ended 1.7% lower.

"It is once again the financial sector that has led to the latest bout of nervousness," said Phillip Vorndran, strategist at Credit Suisse Asset Management.

'Aftershock'
more...
It looks like the world isn't going to loan America anymore money for their wars