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From the opinion pages of the Wall Street Journal, this is Potomac Watch.

Stock markets around the world plunge after a so-so jobs report for July on Friday

and monetary tightening in Japan, while the Federal Reserve held serve.

Did the Federal Reserve make a mistake in not cutting interest rates last week,

as some people on Wall Street aver.

And what's behind this market route is a US recession in the offing?

That's our topic for today on Potomac Watch, the daily Podcast of the Wall Street Journal opinion pages.

Welcome.

I'm Paul Jago, the editor of those pages and I'm here with my colleagues Marianne Estesio,

Grady, and Joe Sternberg, welcome to you both. So a couple of bad days here in

financial markets, really bad days in Japan with the Nikk Index falling 12%

on Monday the worst day since Black Monday, as it was called in

1987.

Joe, you're too young to know, remember that, but I'm not.

Stocks in Europe also fell, although less than they did across Asian markets.

And US stocks are down sharply as we taped this program. So up off of the worst of the morning

trading, the Dow is down about 2% and NASDAQ about 2.65% as we speak.

...