Korea sees worst week since 9/11

It is so amazing to witness Korean stock market plunged so much because of what they call, US subprime issue. The major English daily, the Korea Herald, said that the stock market hit the bottom since the 9/11. I heard from one of my friends in Korea that even some college students invested their student loan to stock market before this thing happened. It will be so disastrous to many who invested out of loan.

https://www.koreaherald.co.kr/SITE/data/html_dir/2007/08/18/200708180028.asp

"The subprime issue won't be put to sleep easily," said Jeon Jeong-woo, who
manages the equivalent of $580 million at UBS Hana Asset Management Co. in
Seoul. "People suspect we're not yet seeing the whole extent of the problem. The
heavy foreign selling will let up only after we see signs that the subprime
impact is stabilizing."

The KOSPI index dropped 53.91, or 3.2 percent, to 1,638.07 in Seoul. It rounded off a 10 percent weekly decline, the worst since the week of the Sept. 11 attacks.

The impact of globalization is so fast and tenacious. We should grow wiser to cope with it.