As you can see from the snapshot below, the world indices are off a bit--as much as 5.5% for the Hang Seng.
It seems like we've reached the tipping point where the market participants realize that Goldilocks stole her grandfather's credit card. Apparently she bought first bought some LSD, hallucinated about a new financial scheme--a pyramid of sorts of derivatives wrapped around derivatives presumably lessening risk by spreading it out--found a way to sell it to investors eager for return. She then bought some Ecstasy and invited all of her friends to a Rave party to end all rave parties. Seems like the party is now over.
For the record, I've no personal experience, direct or indirect with LSD or Ecstasy.