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Entries for September 2008
Salar posted on September 30, 2008 22:20
Markets are reacting with near panic, and someone seems to be able to manipulate it since it is the biggest drop in years and yet something is not quite right. Very bad day on Wall Street. The $700b bailout bill collapsed in the House, and the markets are reacting with near panic. This is a very bad situation, very bad.
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Salar posted on September 30, 2008 17:23
Even if the government gets Congressional approval this week to buy bad debts off banks' books, satisfying some of their cash needs, the financial sector will still need to raise money -- and investors haven't exactly been lining up to help.
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Salar posted on September 27, 2008 01:00
We are going to get a package passed,” Mr. Bush said, a day after an earlier agreement dissolved amid a flurry of political rancor. “We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan.”
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Salar posted on September 25, 2008 16:28
Federal regulators are moving quickly to broker a deal for Washington Mutual as the savings-and-loan comes under mounting financial pressure. “the rating actions do not affect the safety of customer deposits, which are insured up to the limits allowed” by the federal government.
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Salar posted on September 25, 2008 07:28
“The president believes it is important for the American people to fully understand the depths of the crisis affecting our country, how that affects them,” Dana Perino, the president’s chief spokeswoman, said. Mr. Bush will speak from the White House at 9 p.m. for 12 to 14 minutes, Ms. Perino said.
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Salar posted on September 22, 2008 18:44
The Bush administration insisted yesterday that Congress move quickly to approve what one lawmaker called the "mother of all bailouts" - a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation's credit markets.
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Salar posted on September 17, 2008 22:07
HBOS has confirmed it is in advanced talks with Lloyds TSB about creating a UK retail banking giant worth £30bn. According to the BBC the two firms are in "advanced talks" over a combination that would create a group with a market value of around £30bn and more than £300bn of deposits.
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Salar posted on September 15, 2008 21:06
Whilst Lehman had incurred losses of billions of dollars in the US mortgage market, Bank of America bought Merrill Lynch on the cheap because it was also in toruble. Merrill Lynch, also stung by the credit crunch, has agreed to be taken over by Bank of America in a dramatic weekend of events for Wall Street.
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Salar posted on September 07, 2008 23:52
The US Treasury will announce a rescue of Fannie Mae and Freddie Mac in what is likely to be the biggest ever financial bail-out. The move to shore up the shareholder-owned firms, which hold or guarantee half the US mortgage debt, would be the US's largest ever financial bail-out.
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