Noirwomannews’s Weblog

September 30, 2008


Filed under: Finance,Politics — noirwomannews @ 4:42 am
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The $700 billion dollar bailout bill is rejected by the house, and the market loses approximately $1.2 trillion dollars.


According to experts this is the worst financial picture since the Great Depression, and there is no quick fix to the situation. Just last week Washington Mutual troubles surfaced, said to be the largest bank failure in history; the company was acquired by J P Morgan Chase.


This week’s list of bank problems keep coming, Wachovia’s bank assets were acquired by Citigroup to the tune of a 2.2 billion stock deal. The company salvaged keeping its brokerage business asset with hopes of maintaining to a small degree.


It was AIG, one of the country’s largest insurance companies that sparked major concern when it tumbled. This was only to be followed by Lehman Brothers and Merrill Lynch, quickly prompting President Bush to discuss a bailout plan.


The bailout went bust as the House could not come to terms with clauses which would include consequences for failure to meet the obligation and the tax payer’s benefits from a profitable outcome. The votes were split down party lines between the Republicans and the Democrats.


Instability of financial institutions surfaced across the board with reports of shares dropping in the market with Bank of American, Fifth Third Bank and National City Bank. This also included large banks like Goldman Sachs.


Financial experts are encouraging Americans to be financially fiscal saying that if you are young it’s fine, but those nearing retirement could face challenges. Many financial experts are recommending to consumers to pay off charge accounts and tighten up spending.


There is no answer in sight at the moment, Bush will address Americans in the moring to further discuss the bailout, which at the present is a ”BUST”


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