Triple seven will carry a different meaning after today. According to an article in CNN money, it is the biggest single day drop in the Dow ever. This happened after the failed passage of the $700B bailout plan in the US House of representative. With the US Congress not reconvening till Thursday, we maybe expecting for more drop in the next few days, spreading in the global market.
Even without this recent dip in the Dow, the impact is already apparent. In the UK, there is Nothern Rock and Bradford and Bingley. In Europe, there is Fortis. It looks like no financial institution is safe.
Will we have the same exposure in the Philippines?
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