Financial Crisis Emphasizes Importance of G-20

John D. McKinnon reports on the financial crisis from Washington.
President Bush’s Rose Garden appearance Saturday morning was meant to provide a reassuring picture of stability — the world’s most powerful leader, standing alongside finance ministers of the seven old-line industrial powers, their flags flapping proudly in the autumn breeze.
But as recent financial shocks have showed, [...]

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 [...]

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.
The Dow Jones fell 456.3 to 8122.2 leading to a 21pc fall over the week after the index on Thursday suffered its [...]

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 [...]

Stock market sentiment may be changing

Bullish double bottoms for Dow, TSX in the stock market. It appears that following several days of heavy selling pressure and yesterday’s big intraday battle between bulls and bears, markets appear to be stabilizing today. Earlier in the week, steep downdrafts suggested that there still may have been quite a bit of capitulation selling and forced [...]

Markets show no signs of bottom

“Buying stocks is a one-way ticket to the poor house in Stock Market Today .”

Investors pull $43B out of stock funds

With the credit crisis intensifying, the amount of cash removed from stock mutual funds spiked higher, investors pull money out of bond funds too.
As the nation’s economic crisis deepened, investors pulled $43.3 billion from stock mutual funds, according to a report released Thursday.
The amount of money being removed from funds that invest in both U.S. [...]

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 [...]