Crash in Indian viz Global Market

The current stock market crash was due long time back. This time it may have ridden the waves of subprime crisis - US slowdown and recession are just the tip. The most interesting thing is the situation has been kept under cover - even at present some banks (eg ICICI etc ) have not disclosed their losses. Same with major US and other global banks and i-banks. What seems that they plan to disclose their billion $ losses spread out over quarters.

Warren Buffet's prediction 'the recession is deeper than most people think' is an indicator in that direction.