[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/24/art.economy.housing.gi.jpg caption="Join the conversation on Jack's Blog."]
U.S. stock markets followed overseas markets as the global equities meltdown continues with another sharp decline. Overnight last night stocks fell almost 10% in Tokyo and more than 8% in Hong Kong. European markets didn't fare much better.
Investors around the world are becoming more and more convinced that a long, deep recession is beginning.
They're probably right.
The U.S. economy has lost jobs for nine straight months with no end in sight– more than 760,000 slashed from payrolls so far this year. Another devastating jobs report is likely on November 7, three days after we elect our next president.
The housing crisis isn't letting up either.
To read more and contribute to the Cafferty File discussion click here