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Even after a sharp cut in interest rates by the FED to near-zero and $700Bn bond purchase announcement still, market crashing. S&P 500 and the Dow crashed more than ten percent due to a wave of panic selling and margin calls. Bank stocks are among the biggest losers, with JPMorgan and Morgan Stanley down at least 17%. The news of this Wall Street crash has driven European shares down further, with the London FTSE 100 index falling 8.4%, its lowest since October 11. France's CAC 40 loss 11%, while the German DAX dropped by more than 10% before recovering at late trades.