European markets are down sharply this morning and Wall Street futures point to another bad day after yesterday’s sell-off. Fears of a possible U.S. recession and concern about European banks are driving the downturn. Some major companies are rethinking their paradigms. Bank of America, the nation’s largest bank, says it will lay off 3,500 people this quarter and more than 10,000 in the coming months. Hewlett-Packard says it will stop making smart phones and tablets and will sell-off it’s personal computer division.
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