For several years before 2008 financial crisis, stock markets of the leading countries were in an stable

uptrend: The Dow Jones average had exceeded 14,000 points, and in developing countries annual
growth rate had been even over 100%. The key driving factor for that was increased liquidity which
allowed financial traders to accumulate large sums of money. There were quite liberal law regulation in the
area of securities and, also, of financial sustainability indicators.The exponential growth on the derivative
securities market has led to multiple "overselling" of this type of securities which were not confirmed by
real assets. It contributed to the grows of "bull" market" as profits from these operations were reinvested in
the same securities. From this point, accounting was responsible for the crisis because of great amount
of not-cash-settled money and assets. Moreover, "spare cash" in such situation led to speculative bubbles
and some traders started to buy assets cheaply worldwide.

In my opinion, world has already plunged into the crisis. Certainly, there are a lot of reasons,
and some of them are based on dominoes principle due to decreasing liquidity and
overproduction which is based on unfunded assets. Companies decreases profit forecast and is
looking to falling in stock prices.