Financial markets worldwide have exhibited extremely erratic behavior in the past two weeks. Locally, the stock market posted last Thursday its worst performance since the subprime crisis in 2008. The peso was similarly battered, falling from a high of 40.83 to a dollar to breach the P43:$1 mark (many analysts and economists had predicted the opposite). The local bourse hit its lowest level this year. The benchmark Philippine Stock Exchange index plunged 442.57 points (or 6.75 percent) in just a day last Thursday to 6,114.08. It was the biggest single-day loss since Oct. 27, 2008, when the local price barometer tumbled 12.27 percent just a month after investment banking giant Lehman Brothers collapsed, triggering the world’s worst financial crisis since the Great Depression at the end of the 1920s.