Global markets are collapsing today

UPDATE: Dow closes down 369.88.

If there were any doubts about whether this would be a US recession or a global recession, I think the markets spoke today. Asian markets crumbled and European markets ranged from 7.07% in Germany to 9.04% in Paris. The Brazilian Ibovespa market has fallen hard today and Wall Street is not pretty in any way. The Chinese Shanghai market is well over 50% down from its peak and India is worse and let's not forget about the Russian exchanges being halted three times in the last few weeks due to rapid declines.

This is going to take a while to correct but even thinking about recovery is a distant dream this week. The US is trying to broker a coordinated approach in the markets but considering how badly the EU failed over the weekend in their Eurozone attempt, I doubt this effort will do much better.