Archive for September, 2008

Stocks tumble as House votes on plan

House and Global Investors Vote “No” on Paulson Bailout House nixes $700B bailout bill in stunning defeat In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, leaving both parties and the Bush administration struggling to […]

China banks told to halt lending to US banks

Bailout deal breaks down; Bernanke back to Capitol FDIC May Need $150 Billion Bailout as More Banks Fail China banks told to halt lending to US banks-SCMP Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported […]

Entreating the Beast

Oil spikes $25 a barrel on anxiety over US bailout Oil prices spiked more than $25 a barrel Monday—the biggest one-day price jump ever—as anxiety over the government’s $700 billion bailout plan battered the dollar and touched off frenzied buying of safe-haven investments including crude. Light, sweet crude for October delivery jumped as much as […]