Bush to announce expanded bank bailout details
The Bush administration plans to spend as much as $250 billion of the $700 billion bailout buying stock in private banks, greatly expanding protections for the U.S. financial system out of deep concern for the faltering economy, industry and government officials said Monday night. President Bush planned to announce the details Tuesday morning.
Nations:Portugal U.S. Germany France Spain People:Silvio Berlusconi Gordon Brown Henry Paulson Ben Bernanke Barack Obama Charles Schumer Activities:2008 U.S. Financial Rescue Bush Admin.
2008-10-13
Bush, allies pledge joint action on global crisis
President Bush and foreign financial officials displayed joint resolve Saturday to combat the unfolding financial crisis, hoping to calm investors whose panic has spread despite bold and accelerating government action.
Nations:Germany U.K. France India Brazil Italy People:Henry Paulson Joseph Biden Barack Obama John McCain Activities:2007 Global Credit Crunch Bush Admin.
2008-10-11
European markets plunge again; Nikkei plummets
European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.
Nations:Japan India Russia Germany Philippines France Activities:2007 Global Credit Crunch Japanese Markets European Markets Source:(AP)
2008-10-10
Oil plummets below $83 on global slowdown fears
Oil prices plummeted to a one-year low below $83 a barrel Friday in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities.
Nations:Australia Germany Japan Activities:2007-8 Oil Crisis Source:(AP)
2008-10-10
European markets recover lost ground
European markets on Thursday recovered some of Wednesday's hefty losses after a relatively steady performance in Asia overnight, with British banking stocks in particular enjoying a strong rally in the wake of the government's 500 billion pound ($865 billion) rescue plan.
Nations:U.K. Germany France South Korea Iceland Luxembourg Activities:European Markets 2007 Global Credit Crunch Source:(AP)
2008-10-09
Fed slashes interest rates, but stocks lose again
Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end it settled on a familiar feeling -- fear -- and plunged again.
Nations:Switzerland Germany Sweden France Canada People:Gordon Brown Henry Paulson Ben Bernanke Barack Obama Charles Schumer John McCain Activities:U.S. Markets
2008-10-08
Fed, central banks cut rates to aid world economy
In a rare coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday to prevent a mushrooming financial crisis from becoming a global economic meltdown.
Nations:Switzerland Germany Sweden Japan France Canada People:Ben Bernanke Barack Obama John McCain Activities:2007 Global Credit Crunch
2008-10-08
Stocks tumble as Street worries about financials
The misery worsened on Wall Street Tuesday, with stocks piling on losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and the financial sector.
Nations:Germany Japan France Australia People:Ben Bernanke Activities:2007 Global Credit Crunch U.S. Markets
2008-10-07
Fed to buy massive amounts of short-term debt
WASHINGTON - The Federal Reserve announced Tuesday a radical plan to buy massive amounts of short-term debt in a dramatic effort to break through a credit clog that is imperiling the economy.
Nations:U.S. Germany People:Henry Paulson Ben Bernanke Activities:2007 Global Credit Crunch
2008-10-07
World stock markets plunge on crisis fears
LONDON - Stock markets slumped worldwide Monday, some marking record one-day drops, on fears the global financial crisis will worsen and hit the wider economy despite bank bailouts in the U.S. and Europe.
Nations:Germany France Luxembourg Brazil Colombia India Activities:2007 Global Credit Crunch Japanese Markets U.S. Markets European Markets Source:(AP)
2008-10-06
Dow recovers to close down 370 after plunging 800
NEW YORK - Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points -- their largest one-day point drop -- before recovering to close with a loss of 370. The catalyst for the selling, which also took the Dow below 10,000 for the first time in four years, was investors' growing despair that the spreading credit crisis will take a heavy toll around the world.
Nations:Germany France People:Warren Buffett Activities:U.S. Markets Source:(AP)
2008-10-06
Deepening finance crisis causes global market panic
PARIS (AFP) - Desperate new measures by governments in Europe and North America to stabilise the financial system failed to stop panic selling that swept global markets Monday amid deepening gloom at the scope of the banking crisis.
Nations:France Germany Luxembourg Portugal Denmark Brazil People:Nicolas Sarkozy Gordon Brown George W. Bush Activities:2007 Global Credit Crunch U.S. Markets
2008-10-06
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