The worse may not be over because the details and reactions of global markets to the latest Paulson initiative are still so uncertain. What the Americans hope is that taking a more definite stand on a "final solution" and the restriction on short sales for a time will confer some stability on world markets. Their first objective is to prevent further deterioration of assets held by their financial institutions so that they can restructure themselves by selling of assets at reasonable prices to recapitalisation or by M&As.
We really don't know for sure what will be ahead, and one hope that the rises in world markets these 2 days after the announcement of the Paulson plan are returning confidence in the American ability to see through the crisis. But expect a lot of volatilities still...for it is still early days.