What a week. Events are again conspiring to ruin Wall Street’s weekend, and stock futures are pointing down.
Where to begin? Well, the outcome of the $700 billion bank bailout has become as cloudy as the skies over Manhattan, and some say the uncertainty threatens to derail the financial system, not to mention tonight’s presidential debate.
And […]
Posted on September 30th, 2008 by
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The silver lining of yesterday’s market collapse: It may have woken Congress up to the severity of the economic crisis. Stocks have jumped on the hope that a slightly modified bailout bill will be passed later this week. Traders are also hoping for an eme
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Like a well-timed lightning flash and a clap of thunder, Washington Mutual was felled late last night as politicians withdrew their shaking hands and started pointing to alternatives. The failure - by far the biggest - looked like another steal of a deal for JPMorgan Chase, which picked up branches and assets from what had […]
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From ClusterStock.com, Sept. 30, 2008: One of the most galling aspects of this crisis is the refusal of Hank Paulson and Ben Bernanke to revisit the core concept of their bailout plan: overpaying for crap assets. So as Congress points fingers and Ha
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It was WaMu’s 119th birthday on Thursday.
The thrift’s predecessor was incorporated on Sept. 25, 1889, “to offer its stockholders a safe and profitable vehicle for investing and lending.” This helped Seattle residents rebuild after a fire torched the city’s downtown.
The government’s choice of the day to seize the thrift, which became the largest U.S. bank […]
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The public has spoken about the bailout and the answer, at least for now, is “no way.” Amid great drama, the House voted down the plan, 228 to 205.Congress has been flooded by angry phone calls and emails from many constituents opposed to t
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How big is the $700 billion financial bailout package for the markets? Big enough that a change in perception as to whether it will pass can overshadow a cut in outlook from industrial and financial powerhouse General Electric.
Initially down after GE slashed its quarterly and full-year forecast, Dow Jones futures turned higher in later pre-market […]
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The “sum of all fears” scenario became reality Monday after the House rejected a $700 billion bailout package.The Dow suffered its largest point decline in its history, 778 points, while the S&P was off 8. …
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