Stock markets around the globe have plummeted over growing fears of a worldwide recession. In Japan, the Nikkei market has seen its worst two-day decline in nearly two decades. In India, the country’s main stock index suffered its second-worst single-day tumble in history. In Germany, the Frankfurt Stock Exchange dropped seven percent Monday, its steepest one-day decline since the Sept. 11 attacks. Monday marked the first day of trading since President Bush called for a $145 billion economic stimulus package.

President Bush: “By passing an effective growth package quickly, we can provide a shot in the arm to keep a fundamentally strong economy healthy. And it will help keep economic sectors that are going through adjustments, such as the housing market, from adversely affecting other parts of our economy. I’m optimistic about our economic future, because Americans have shown time and again that they are the most industrious, creative and enterprising people in the world. That’s what has made our economy strong. And that is what will make it stronger in the challenging times ahead.”