One bad move, and there could be a big problem…

Posted on April 2nd, 2008 by Marian Houk

Bloomberg News reported today that “The International Monetary Fund cut its forecast for global growth this year and said there’s a 25 percent chance of a world recession, citing the worst financial crisis in the U.S. since the Great Depression”.

Bloombert said that it found this prediction in “a document obtained by Bloomberg News at a meeting of Southeast Asian deputy finance ministers and central bankers in Da Nang, Vietnam”.

The document also said: “The financial shock that originated in the U.S. subprime mortgage market in August 2007 has spread quickly, and in unanticipated ways, to inflict extensive damage on markets and institutions at the core of the financial system … “The global expansion is losing momentum in the face of what has become the largest financial crisis in the United States since the Great Depression.”

The full Bloomberg News stroy can be read here .

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