U.S.A. Today on Tuesday, March 18 headlined the reality of recession, bordering on worldwide depression:

"If the U.S. economy were a car, all its warning lights would be flashing red.  The breathtaking collapse of investment bank Bear Stearns over the weekend is the latest and perhaps the most alarming - indicator to flash on the economy dashboard.

"First the crisis in subprime mortgages - loans to those with poor credit - infected the credit markets.  The home prices started sinking.  The mortgage defaults rose and the economy began to sputter.  Now the Federal Reserve is desperately trying to stabilize the credit market before a failure of confidence can poison the entire U.S. financial system."

The stock of Bear Stearns sold for $2 a share, collapsing 93%.