Fed Aggressive on Financial Front
Federal Reserve taking rarely-used steps to steady shaky financial sector.
Federal Reserve taking rarely-used steps to steady shaky financial sector.
The sale of Bear Stearns and Sunday night’s move by the Fed to offer loans to other securities dealers mark the latest historic turns in what has become the most pervasive financial crisis in a generation.
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war.
O.K., here it comes: The unthinkable is about to become the inevitable.
Panic is old hat on Wall Street. Rarely before, however, has there been a crisis so comprehensive as this one.
Asian stocks plunged Monday after JPMorgan Chase said it would acquire troubled U.S. investment bank Bear Stearns, signaling to investors the depths of the credit crisis.
The $270 million deal was about one-tenth the firm’s market price on Friday.
The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds.
A great old firm got bought out today for peanuts.
On the Bear deal...I can’t believe that a bank of that size was bought for $2 a share, when it closed at $30 a share on Friday! I mean, can’t they sell they desks and chairs for more than that?
On to the world market front, I am worried to see what happens at 9:30 this morning. So many interconnected factors to take into account and the Fed cutting rates again...we’ll see.
What did you expect with W running the show? His tax cuts were great for the economy but he hasn’t exactly shown stellar leadership through this crisis.
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