Tags: Crisis  Financial  
Channel: News & Politics
Uploaded: December 31, 1969 at 6:59 pm
Author: wmiguru
Length: 01:50
Rating: 2.33
Views: 490
We are in a financial crisis where thousands of people are losing their jobs, thousands of people are losing their homes, and thousands of people are losing their life's savings and they don't know what to do about it. Written by financial experts, this financial crisis guide gives you the information you need to make smart decisions that will help you recover from financial uncertainty. Don't let a short term money problem turn into a long term nightmare. Panic is the word of the hour on Wall Street. Now even Morgan Stanley is fighting for survival. The commercial bank Wachovia and China's Bank Citic are being discussed as possible rescuers. The crisis has led President Bush to cancel a trip. Fund says there is now a one-in-four chance of a full-blown global recession over the next 12 months. The rising defaults on subprime mortgages in the US triggered a global crisis for the money markets. Many of the worlds leading investment banks have collapsed as a result and the US government has proposed a massive bail-out. The crisis has become one of the most radical re-shapings of the global banking sector, as governments and the private sector battle to shore up the financial system following the disappearance of Lehman and Merrill as independent entities and the $85bn government rescue of AIG. It might not have had the visual impact of Hurricane Ike in Texas, but Monday's shakeup on Wall Street likely is a similarly once-in-lifetime event. Financial crisis 'worst I have ever seen': BMO economistWhat Cooper saw was a financial meltdown with Lehman Brothers becoming the biggest bankruptcy in American history and blue-chip investment house Merrill Lynch & Co. becoming a green light discount special and taken over by Bank of America.The result at the end of Monday was two financial giants disappearing along with the prospects for a short-term U.S. economic turnaround. When John McCain held an unexpected news conference mid-Wednesday afternoon he addressed the current economic crisis with direness previously unseen. His campaign would be suspended, he told reporters, in order to work on the bailout legislation in Congress. The debate scheduled with Barack Obama on Friday night, he added, could be postponed.'Financial crisis'President Bush explains big bailout as high-stakes debate heats up. President Bush used a prime-time TV address on Wednesday night to press his case for a $700 billion bailout of the nation's shaky financial system.Bush's proposal - to allow the Treasury to buy troubled assets threatening the health of financial institutions - aims to restore confidence to the credit markets. After the Financial Crisis, a Cleanup That Changes Everything. The dominoes fell one right after another: the demise of Lehman Brothers tipping into the rushed sale of Merrill Lynch to Bank of America, followed by the federal takeover of AIG. Then, the desperate credit crunch of Wednesday caused the emergency maneuvering by the Federal Reserve and the Treasury on Thursday and Friday.