Banking crisis has transformed the world 's financial landscape . Many established names bankrupted or bailed out as a consequence of bad debts . After inital upswing , world stock markets fall once more . Oct 15 : - European and Asian stock markets fall after initial upswing . The US economy is in recession and unemployment rises to record levels.
Banking crisis has transformed the world 's financial landscape . Many established names bankrupted or bailed out as a consequence of bad debts . After inital upswing , world stock markets fall once more . The US economy is in recession and unemployment rises to record levels.