World struggles to contain crisis

Did anyone really think it would get to this: a world recession? If you did, I hope you had the courage of your convictions, like John Paulson, and bet big. The fact is that the world is teetering at the edge of the unknown. The fear was evident this weekend, as world leaders continued to scramble. The goal was to announce solid bailout plans before the markets opened today. On Sunday, Eurozone governments agree to a broad, if hastily struck, plan to provide hundreds of billions of euros in guarantees for medium-term bank debt. The G7 meanwhile pledged to do whatever it takes to prevent another Lehman Brothers. But despite such pledges, fears about Morgan Stanley's survival cropped up again. Economically, the toll (and not just in the U.S.) is becoming more clear with every passing day. This has yet to fully play out.