The Times quotes Professor Kenneth Rogoff, a leading academic economist, as saying that there will be worse news to come from the worldwide credit crunch.
"The US is not out of the woods. I think the financial crisis is at the halfway point, perhaps. I would even go further to say the worst is to come.
We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one — one of the big investment banks or big banks."
However, before people start jumping from window ledges, it is worth remembering that financial crises come and go; additionally, the crunch is as a result of the banks' greed and stupidity.
What goes around comes around!