Tag: Credit CrunchSort
Eastern European Migrants 'Shun' Recession-Struck Britain
A look into the Financial Disasters of 2008... and what we can expect in 2009
2008 started quite innocuously, with little sign of the true scale of the turbulence to come. But twelve months later, the devastation continues, as retailers fall like dominoes, unemployment continues to rise sharply and everything from the pound to house prices carries on plummeting. In short, 2009 will probably be another year of taking it on the chin. So, chin up.
Lehman Brothers and Merrill Lynch & Co. Inc. Collapse Hard!
Lehman Brothers burdened $60 billion in soured real-estate holdings, filed a Chapter 11
bankruptcy petition in U.S. Bankruptcy Court after attempts to rescue the 158-year-old firm
failed. Bank of America is bailing out Merril Lynch in a $50 billion all-stock transaction.
In addition, Fannie Mae and Freddie Mac have fell hard and so are many other respectable banks.
Fed extends emergency loan program for Wall Street
Finance ministers at the G8 summit in Osaka, Japan, have warned that stagflation — recession coupled with high inflation – is now a more serious challenge to global growth than the credit crisis.
William Patalon III in Money Morning sees a universal theme emerging: Inflation, Inflation, Inflation…
Countrywide shot up over 10% in early morning trading as the cost of protecting their debt against default fell for a second day in a row on growing confidence that Bank of America will proceed with its acquisition. The market was also glad to hear that David Sambol will retire as president of Countrywide after its acquisition by Bank of America.