Paul in Norwich! You hit the nail on the head. The idea that we have had free markets---and that they have caused this debacle---is laughable. Although you wouldn't know it listening to Nobel-winning economist Krugman. Someone should send him to the Opec meeting. What a goon.

Milton, Newcastle upon Chicago,

Dead Cat bounce

Iwan Whiteley, Pachuca, Mexico

Look for the S&P hitting as low as 450-500 - this is nowhere near a bottom yet. Debt deleveraging, deflation, high unemployment, reduced consumer spending, credit card default tsunami approaching, ARMs adjusting, housing market still with a long way to fall. Be very afraid, Bob Doll!

Niall, Rancho Santa Fe, US

For God's sake, make your minds up. This is getting tedious.

Anita, Cambridge , UK

It is not logical to have too cheap oil for too long.
Why should 1 liter of a fizzy drink cost more than 1 liter of petrol?
We do not like it, but oil has to go and stay at $120+.
Governments will agree to that level to get cash for all these 'bail-outs' and injections, as higher petrol = more taxes

savo, london, uk

Does anyone actually know what's going on?

Kevin, Leeds,

Lets face it. Don't blame OPEC. They have something we all want (oil), so are just maximising their margins without trying to cause people to look for alternatives... If you don't like it, use other energy sources (or stuff like public transport). Ultimately its your choice. Its a choice, so decide

Teg, Kuala Lumpur Today, Malaysia

If OPEC engineer a price hike then Western Countries should increase the prices to them for food, technology, medicines and the skilled labour, who keep their oil fields pumping. Anyway, the usual scenario will play out: OPEC countries, desperate for cashflow, will cheat on their agreed quotas.

J Holmes, Glasgow,

Its good to see that the forecore petrol price has fallen with the halfing of the oil price......?

Maybe the competitions comission has some investigating to do?

Richard, Luton, UK

All this government interference with the banks is putting of the inevitable...Recession and then Depression.

Louis, Liverpool, UK

Of course, OPEC doesn't like oil as 'cheap' as $70/barrel so it will sanction cuts in production. 'Free markets' anyone?

Paul, Coventry,

Pity OPEC did'nt call a meeting when oil prices went up to artificial highs recently of circa $150 a barrel. Its pretty much the same position as the UK's ex NHS dentists ,whom the NHS is now trying to attract back with pay that is much less than they have now experienced with private fees.

mike, london, uk

Who says OPEC countries are not actively at war with the rest of the World?! While many economies falter, OPEC is looking for ways to raise prices artificially outside of normal supply & demand?! One conclusion is that OPEC is trying to weaken western economies. That sounds like economic warfare.

Scott, Durham, NC, USA

If OPEC reduce production it will make the transition to nuclear and other renewable forms of energy quicker - OPEC should learn not to be greedy.

If things were to get really dire in the west e.g. by OPEC slashing production by a huge amount, I imagine the US would take over their oil fields.

David, London,

This is bound to bring social tension as government revenues
shrink and benefits are lost by work -shy, the unemployable and other 'no hopers'. The genuine unemployed must be helped as they are our true human capital, not the City Slickers.Our values need and will change,accordingly.

Ray Croft, Hermanus,Western Cape, SOUTH AFRICA.

The economy is dead.

Governments worldwide keep applying defibrillation with jolts of cash but it's not working. It's not working because the patient is dead.

When will Governments accept it's too late, bury the patient, and accept the consequences?

The economy is dead, long live the economy.

Magda Kotela, Totnes, UK

I thought traders knew about the Nash equilibrium theory...obviously not ! They continue to run around like the headless chickens that they are and mess things up for everyone, including themselves.

Nigel, Lincoln,

Its 1992 all over again except Soros Part 2 will be gloabl rather than UK specific. What will be tested across the world is Govt ability to repay their debts. Soros & markets will bet that markets will fall. Govt will put up interest rates but they will capitulate in very short order.

Rupert, London, UK

It's just all such nonsense. "Stabilisation of the financial markets is the first critical step..."

Why? Really, back to first principles, why? It's a wanted step for some whose interest lie with it. It's really not very critical for millions of others.

Financial instability isn't bad. Adapt!

Laura Roberts, London, UK

What happened to the heroic fixing of the problem by the superman Brown with the full support of the parliament and with the acclamation of politicians all over the world nay universe. What is an odd £50bn or £100bn compared to all the glory of wasting the taxpayers hard earned money.

raj, harrow, uk

Holy crap! Really happy I kept my money in property and not equities ha ha ha!

Anastasia Beaverhuizen, London,

Reminds me of Genesis 41 where the seven ugly and gaunt cows came out of the riverbed and ate up the seven sleek - THEN pharaoh woke up !

Eskil, Stavanger, Norway

Reading the most of the coments posted here confirms my feeling that the stock markets worldwide are dominated by a bunch of souless, shameless weasels. We are making bilionaires each and every minute at our taxes, savings expenses....

Wagner B, Sao Paulo, Brazil

The market is simply finding its Real Level and Its Actual Value.
Reflecting the current and not the Inflated and false levels induced by greedy speculators and corrupt bankers.
All this Horror!! Save the Banks!!
Is Utter rubbish.
They are blackmailing all of us.

rick, Storlien, Sweden

Hysterical headlines don't seem to help. Apparently, unemployment is lower this year than last year. With a qtr on qtr rise this last qtr of only 0.4%. Media spin is causing the choas.
In a war on confidence in markets the media needs to get a grip & report more responsibly.

Chris, Lancs,

I agree with Eskil, there appear to be a great many pessemistic traders whose reactions to current deviations in the global markets are rapidly fueling negativity. The situation we are facing does not conform to previous 'norms' in the market and traders need to adjust their reactions accordingly.

andy culley, norwich, uk

After that I hope that voices that were criticizing absolute and uncontrolled capitalism are finally heard.

Since people pay for the mistakes and greed of bankers, people should also have great deal of control over them.

Governments should find other ways of supporting the system,than saving banks

George Christoforou, Athens, Greece

This is like trying to patch up a marriage which has been failing bitterly for 10 years in a single day!

Why not just save the hundreds of billions of taxpayer's money (we're gonna need it) and let it all happen? Let's see where it leads.. it has to be better than this horrible roller coaster.

iain, bedford, uk

Is this really the only news in the world today? As it has been every day for the past month? No, of course it isn't, but the media seem bent on fanning the flames of this crisis by reporting every up and down of the market.

Time to stop buying papers who do this - for once it's the broadsheets

Jim, Burnley, UK

hi bill peter - maybe the best solution would be to abolish the FSA and stock market and let the whole thing be run by bookmakers such as Ladbrokes, Coral and so on. at least those boys understand risk.

alternatively perhaps the folk who run Las Vegas might help out?

nigel foster, ryde, uk

Aside the disputable facts, the ambitiously negative forecast of economic statistics including unemployment can, and will, significantly catalyse both the UK and global, financial and economic times of trouble.Could we be writing our fate by talking ourselves into a recession statistically avoidable

Daniel Hill, Nottingham, UK

We always hear that investing in shares is for the long term but all stock exchanges operate very much in the short term. The index is up 11 points one day and down 20 points in the next couple of days. How can one have confidence? Sheer 'short termism' and madness.

Adrian, London , UK

I agree with John Kantor. There should be two markets; one for (long-term) INVESTORS, and a separate one for SPECULATORS.

Bill Peter, Kuala Lumpur, Malaysia

I am sick and tired of all the negative focus these days in the media worldwide about the financial crisis - and I put it to the media that they also have a responsibility here. The solidity of many companies are fundamentally very good but this is not reflected in the news coverage. Why not ?

Eskil, Stavanger, Norway

Its extrordinary. Huge swings.

Lots of winners. Lots of losers.

Governments standing back.

A real catastrophe looming.

City looks like the erratic dying fly.

M Walker., Nr Bromsgrove., Worcs.

This doesn't have anything to do with the credit crisis or a recession - the ridiculous swings just show how speculators control the market. Now they are just cutting each other's throats - just like they deserve.

John Kantor, St. Petersburg, United States