Fears of a financial meltdown at least on the scale of the 2008 crisis intensified Monday as global markets were gripped by panic resulting from the spread of the coronavirus across the globe and the ensuing oil price war launched by Saudi Arabia over the weekend.

“The fear today is about a global recession,” said Thomas Hayes, chairman of management firm Great Hill Capital, as markets headed for their worst day since the 2008 crash.

As The Washington Post reported Monday morning: “U.S. futures pointed to heavy losses on Wall Street on Monday. Overseas, London’s FTSE 100 fell more than 8 percent…