Bush pressures: countries wait

By Mia Pierson
 
A day after the House rejected the $700billion ´rescue plan´ that the White House had negotiated with leaders of Congress ob both parties, President Bush urged Lawmakers to define a quick bailout plan.
After the failure of the plan, the stock market closed in New York down 6, 71 per cent, while Sao Paulo [...]

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Bush pressuring for the $700 billion rescue vote

On an early televised announcement President Bush requested an urge vote on the $700 billion rescue plan of the financial industry, as agreed by both democrats and republicans.  
“I understand it will be a hard vote” said Bush.
“Still, this plan will prevent for the financial crisis to expand to all our economy” Bush added. [...]

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Market´s euphoria after government promises

By Mia Pierson

Although still unsteady in many aspects, the general feeling in the market is euphoria. The government is taking various actions and has promised to solve the crisis, to prevent a general fall down of the economy.
The Department of Treasury announced it will guaranty temporary solutions for the market´s crisis of up to $50,000 [...]

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AIG rescued by Federal Reserve: $85 billion in play

By Mia Pierson

Predicting that the collapse of American International Group (AIG) will cause further damage in the already fragile economy, the Federal Reserve agreed to an $85 billion bailout so control the troubles the huge insurance is facing.
Just two weeks after the Treasury took over Fannie Mae and Freddie Mac, the Federal Reserve takes the [...]

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Wall Street Collapsing: 17,000 people unemployed

By Mia Pierson
 
The crisis of Wall Street has left 17,000 unemployed in the NYC area alone.
Wall Street was shaken yesterday by two dramatic events; Lehman Brothers file for bankruptcy and Bank of America´s purchase of Merrill Lynch for $50bn. As a result 17,000 former employees had to pack up their belongings and go home jobless, [...]

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General drop: stock market in crisis

By Mia Pierson
As the week progresses the Wall Street crisis shows its effect on the world stock market
Towards the beginning of the session on Tuesday, the Down Jones Industrial Average (DJIA) stepped back 131,08 to 10.786, 43 points, and the Nasdaq lowered to 2.154, 29 units.
On Monday Wall Street had its biggest fall down after [...]

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Wall Street Crisis: World Markets Fall

By Mia Pierson
Lehman Brothers and Bank of America go off the market; the Wall Street stocks feel the crisis.
Lehman Brothers, the 158 year-old investment bank was put in liquidation, little after Bank of America took over Merrill Lynch in a financial earth quick that trashed the World Stocks.
The Dow Jones industrial average dropped more [...]

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