Deconstructing the 'Great Global Market Freakout'

Markets everywhere from Mumbai to Singapore to Frankfurt were jolted early in the week — tumbling wildly, then recovering. In Asia and Europe, most ended the week higher than before the big drop Monday. For two analyses of the week's financial ups and downs, Melissa Block talks with Daniel Gross, financial and business columnist for Newsweek and Slate, and Sebastian Mallaby, a Washington Post columnist.

Gross calls this week "The Great Global Freakout of 2008." Mallaby says Federal Reserve Chairman Ben Bernanke took a big gamble in cutting the interest rates so boldly — a move not seen in a quarter-century.



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