That was how the Daily Mail and Mirror described recent falls in the stock markets that started in the US, and spread to Britain and other countries. Share prices fell, wiping billions off their value. A freefall on the stock market doesn't just hit the City dealers. It can hurt workers' pension funds, which are invested in the stock exchange.
Companies can try to recover some of their value by cutting jobs and closing factories.
Commentators are worried that the underlying problems in the world's leading economies, the US and Japan, mean there is more turmoil to come. Socialist Worker explains what the stock markets are, why they go into crisis, and argues the root cause is how economies are organised under capitalism. Traders hope to make huge amounts of money by buying stocks at one price and selling them for a higher price. During a boom speculators feel their gamble can only pay off. As more people invest, the share prices go higher.