European markets were taking a hit Friday morning. A wave of panic selling began on Wall Street last night, then ran through Asian markets with historic falls in Tokyo. The FTSE 100 plunged by more than 7 percent in early trading and trading was cancelled in Russia because of the uncertainty in other world markets.

Thursday was an abysmal day on Wall Street, despite continued efforts by the Federal Reserve Board, the U.S. Treasury Department and central banks around the world to calm panicky investors. Heading into the three-day weekend, world markets are falling fast. Can anything be done to stabilize the situation?

Iceland’s financial crisis worsened yesterday after the government seized control of Iceland’s largest bank, Kaupthing. What does this mean for the citizens of Iceland?

The market meltdown is not just a pocketbook issue — it’s become a psychological one. The economy’s downward spiral is taking our sense of well being with it. And as our anxiety and panic levels rise, we are creating a kind of feedback loop: The less confidence we have in our future, the less likely we are to go out and spend. That behavior, of course, only diminishes our chances of economic recovery.

The plunging Dow, failing banks, rising prices — it seems like things couldn't possibly get worse. But Wall Street Journal humor columnist Peter Jeffrey thinks there are more shocks to come, including the collapse of the key-fob industry and razor-toothed Velociraptors lumbering down Wall Street.

Long before American Idol and America’s Got Talent, and television or radio for that matter, American musicians gained popularity through events called 'cutting contests.' They were informal, but a really big deal in the 1920’s. In a way they were like unscripted town hall meetings where each musician would try to outplay the other, often times playing music suggested by the audience. The Takeaway talks to Terrance McKnight, host of WNYC’s Evening Music, about one classic cutting contest that took place on March 3, 1880.

The stock price of General Motors Corp. stock took a nosedive Thursday as the company faced the threat of a credit rating downgrade and forecasts for abysmal sales. With credit locked down and consumers likely to avoid major purchases for some time to come, it’s not clear how GM and other automakers will hang on.

As the presidential campaign heats up and the negative attacks by each candidate increases, The Takeaway looks at whether this strategy works when it comes to earning votes.

You may not know Bob Jump's face. But you probably know his voice. Jump is the man behind many of the Republican Party’s political ads, along with more conventional product advertising. He's voiced ads for John McCain, Ron Paul and dozens of Republican candidates from across the country.

Finland's ex-president Martti Ahtisaari received the Nobel Peace Prize today. The Norwegian Nobel Committee said it honored Ahtisaari for important efforts over more than three decades to resolve international conflicts.

Guests: John Yearwood, world editor at the Miami Herald, and Nancy Barnes, editor and senior vice president at the Star Tribune.

Guest: Michael Hunter, Financial Times markets reporter

Guest: Mark Landler, International Economics Correspondent for the New York Times