Asian stock markets tumble on US President Obama’s banks crackdown, Video

Asian Countries stock markets were hammered, with India 2% down in early trade, Hong Kong two percent down, while Japan’s Tokyo slipped 2.72 %, Sydney slumped to 1.66 percent and Singapore dropped by 1.50 %.

Financial firms shares fell sharply as stock markets tumbled in Asia today after US President Obama said he will crack down on Wall Street’s “reckless” big banks.

The Dow Jones closed at 2% down, this is its worst fall since October 2009.

BBC quoted Obama saying “Never again will the American taxpayer be held hostage by a bank that is too big to fail,” 

Obama. blamed big banks for causing the economic crisis and said: “My resolve to reform the system is only strengthened when I see a return to old practices at some of the very firms fighting reform.”

He vowed: “If these folks want a fight, it’s a fight I’m ready to have.”

Watch the Video