Bush Statement on Financial Crisis

The following is President Bush’s statement Saturday on the financial crisis, as released by the White House. He spoke in the Rose Garden after meeting with financial ministers from the G-7 nations:
Thank you all very much. Good morning. [Treasury] Secretary [Henry] Paulson, Secretary [of State Condoleezza] Rice and I just had a productive discussion with [...]

World’s Financial Leaders Vow to Unite

WASHINGTON — President Bush and the world’s financial leaders staged repeated displays of unity Saturday to combat an unfolding credit crisis, hoping to calm investors whose panic has spread despite bold and accelerating government action.
While there were no concrete offers of new moves made on Saturday, Mr. Bush pledged anew that his administration was doing [...]

The crash of 2008: now the pain sets in

Smaller businesses are now starting to feel the effects of the financial crisis
IN these tough times Philip Fairey is getting used to hearing about his clients “doing a runner”. But a few days ago was the first time he caught one of them in the act.
“We got this message from someone who had been driving [...]

Financial crisis: US stock markets suffer worst week on record

US stock markets have suffered their worst week on record following another torrid day of trading despite growing hopes that the government could step in to guarantee bank deposits and lending between financial institutions.

Toronto stocks dive amid confidence crisis

TORONTO (Reuters) - The main index of the Toronto Stock Exchange plunged almost 5 percent on Thursday as mounting gloom over the state of the economy and the U.S. financial sector sent investors fleeing the market in a broad rout.
The financial sector was the biggest drag on the benchmark, sliding 7.74 percent. The energy and [...]

Sensex India: Stock Market Today

Sensex nose dives below 14,500, ends 415.27 pts down 

Mumbai, Sep 5 (UNI) The Bombay Stock Exchange Sensex today nose dived even below 14,500, wiping off 415.27 points to close at 14,483.83 on sustained profit booking interest across the sector triggered by persisting weak global cues.
The BSE benchmark index touched the day’s low of 14,438.59, losing [...]

US Government takes over mortgage giants

By Martin Crutsinger and Alan Zibel, AP Business Writers
US Government seizes control of mortgage giants Fannie Mae and Freddie Mac
WASHINGTON (AP) — The Bush administration’s seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.
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The historic move [...]