Are we heading towards a global recession?   stance: yes:
(1)Share prices across the world have continued to fall, with market indicators this week reaching record lows in the US, Europe and Japan. Many analysts believe that the US economy is heading for a recession. President Bush went public this week, urging investors not to panic. Political uncertainties in Japan are hitting shares there and many other financial epicentres.
(2)A stream of bad news has been pouring out of the world's corporate headquarters this week. Many companies are reporting their worst results since the recession of the early 1990s. And in some industries, firms have started a round of massive job cuts. These cuts and the continued fall in stocks are slowly destroying consumer confidence and will ultimately lead to recession.
(3) Sky-rocketing oil prices (I think that’s all that needs to be said)