The Sky Is Falling, The Sky Is Falling

France's Prime Minister Francois Fillon attends a news conference in Paris in this July 24, 2008file photo. French Prime Minister Francois Fillon said on Friday the world stood on the "edge of the abyss", gripped by a global financial crisis now threatening industry, trade and jobs worldwide. (Photo: REUTERS/Charles Platiau)

French PM Says World 'On Edge Of Abyss' -- Reuters

PARIS/LONDON, Oct 3 (Reuters) - French Prime Minister Francois Fillon said on Friday the world stood on the "edge of the abyss", gripped by a global financial crisis now threatening industry, trade and jobs worldwide.

Fillon's words echoed a growing sense of alarm sweeping EU capitals ahead of an expected U.S. Congressional vote on Friday on a $700 billion bailout plan for the financial industry. Approval is far from certain.

The House of Representatives shocked world markets on Monday by rejecting a previous draft, wary of popular anger over the housing market collapse that triggered the crisis and high risk financial ventures that collapsed under the burden.

Prime Minister Fillon, whose country is hosting an emergency summit of Italian, British and German leaders on Saturday, said only collective action could solve the financial crisis. He said he would not rule out any solution to stop any bank failing.

Read more ....

My Comment: The world will still turn around. The sun will go up tomorrow. The world will continue.