Has our Recession gone global?

While reading the news on the Internet today, I came across an article which gave me reason to pause. The Associated Press writer tells us that there was a plunge in the European and Asian Stock markets. It occurred Monday following the declines last week on Wall Street. Which was strange to me, since the declines have been going on a LOT longer than just last week. In fact we have had quite a problem with the American Stock market dropping for more than a few months. Even the Hong Kong's blue-chip Hang Seng index plummeted. The biggest percentage drop since September 11, 2001. Investors, being pessimistic over President Bush's stimulus package, dumped the shares. Also in Europe the German's Dax was down, while the CAC of France slid, and Britain's FTSE dropped. The believe is that Asia will not suffer since it does not rely heavily on the U S for goods and imports as it had done in the past. But in Hong Kong the China Bank dropped, and the China Construction Bank slid. The decline hit companies across the board, even power utility companies and major software companies in countries overseas are failing. There is a glimmer of hope, once it hits bottom there is only one way to go, and that is up. Unless, they can not recover.