Global markets rally, but crisis not over yet

Global markets rally, but crisis not over yet.
GLOBAL markets rallied over the weekend and the local bourse should bounce today. But be warned: the crisis in the US economy isn"t over by a long shot. Despite efforts to unlock it, much of the US credit system remains seized. The credit market shut down last week and there are millions of US consumers who rely on it. They are used to easy credit, which has been one of the driving forces of the US economy for years. The US consumer accounts for about 70 per cent of the nation"s GDP. Two weeks ago, Americans could buy a house with no down payment. Now they"ll need a minimum 20 per cent deposit before a bank will even take their call. Signals of the crisis abound. An executive who runs a mortgage business in southern California, one of the areas suffering the most from the burst housing bubble, told The Australian on condition of anonymity: 'I think I"ll take the rest of the year off until this thing sorts out.


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