I. We Are in the Midst of an Economic Crisis
To say that we are experiencing an economic crisis is probably becoming an understatement. Explaining how the crisis unfolded is like watching a “domino effect” in reverse. Monday, the Dow Jones Industrial Average fell 777.68 points, the biggest single-day drop in its history. The market fell on news of Congress’ failure to pass a $700 billion bailout package that, according to Treasury Secretary Henry Paulson, would save crumbling financial institutions and prevent a credit crunch that may send the global economy into a tailspin.