Multimedia -09-24-08 Warren Buffet's View of the Massive Bailout (MSNBC News) Warren Buffett explains why he thinks that Congress must act now to bailout Wall Street and why he is investing in Goldman Sachs now. 09-08 News -001 Bailout Bill Becomes Law (CNN News) "After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon." 10-08 -001 Credit Availability Tightens (New York Times) "Strains worsened overnight in the credit markets, the plumbing of the economy that many businesses rely on to finance routine expenses like utilities and payroll. Banks sharply increased their lending rates on short-term loans, sending Libor, a globally watched benchmark rate, to its highest level ever. Several measures of anxiety in the market reached record highs. And new injections of money into the markets by central banks failed to dampen a hoarding mentality among financial institutions." " ''The money markets have completely broken down, with no trading taking place at all,' said Christoph Rieger, a fixed-income strategist at Dresdner Kleinwort in Frankfurt. 'There is no market any more. Central banks are the only providers of cash to the market; no one else is lending.' " 09-08 -001 Dow Dips Below 10,000 (MSNBC News) "Wall Street tumbled again Monday, joining a sell-off around the world as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The Dow Jones industrials skidded nearly 500 points at times and fell below 10,000 for the first time in four years, while the credit markets remained under strain." 10-08 -001 House to Re-Vote on Rescue Bill (MSNBC News) "An overwhelming Senate vote Wednesday night to pass the financial sector rescue bill set the stage for likely House passage of the measure on Friday." 10-08 -001 World Markets Plummet Despite Bailout (CBS News) "Asian markets plunged during Monday trading and European stocks opened on the same downward slope, as global investors took scant comfort from Washington's passage of a $700 billion bank bailout and focused instead on deepening financial turmoil in Europe that threatens to slow global growth." 10-08 -01 Deal Not Reached on Bailout of Wall Street (U.S. News) "House Republicans, who've been swamped with your phone calls demanding that they reject President George Bush's historically huge $700 billion bailout of Wall Street and bad mortgage bankers, have come up with another idea: Instead of just buying the worthless mortgages, make the banks buy insurance from Washington, which would pay on those that default." 09-08 -01 Largest Bank Failure in History (MSNBC News) "As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market." "One positive is that the sale of WaMu’s assets to JPMorgan Chase prevents the thrift’s collapse from depleting the FDIC’s insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation’s most momentous financial crisis since the Great Depression." 09-08 -04-17-08 World's Largest Brokerage Reports Steep Losses (ABC News) "Merrill Lynch & Co., the world's largest brokerage, on Thursday said it would cut 4,000 jobs after more than $6.5 billion of fresh write-downs pushed it to a loss for the first quarter." 04-08 -09-05-08 Jobless Rate Hits 5-Year High (MSNBC News) "The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike." 09-08 -09-15-08 Dow Stocks Have Worst Day Since 2001 (MSNBC News) "IA dramatic makeover of Wall Street sent stocks falling precipitously Monday, with the Dow Jones industrials sliding 500 points in their worst point drop since the September 2001 terrorist attacks. Investors reacted badly to a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co." "Stocks also posted big losses in markets across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock." 09-08 -09-16-08 The Economy Is the Issue on Presidential Campaigns (MSNBC News) "Yesterday's meltdown on Wall Street brought the economy roaring back to the center of the presidential campaign, and the question for the final seven weeks of the general-election campaign is whether Barack Obama or John McCain can convince voters that he is capable of leading the country out of the morass." 09-08 -09-19-08 Congress and Administration Work on Bold Initiative (MSNBC News) "President Bush on Friday asked Congress to approve extensive federal intervention in financial markets that he said is both warranted and essential to halt the worst financial crisis in decades. 'We must act now,' he said." 09-08 -09-19-08 Why China Won't Come to the Rescue (Time.com) "Worse, Beijing paid $3 billion for a piece of the Blackstone Group just ahead of the private-equity firm's initial public offering last June — an investment that occurred about a nanosecond before the so-called subprime crisis began annihilating value on Wall Street and beyond. Fairly or not, the Blackstone stake has since become the symbol in China of a naive bunch of foreigners getting hooped by Wall Street sharpies. It's been the subject of withering public scorn in China and has drawn pointed private criticism from the highest levels of the Communist Party, banking sources in Beijing and Hong Kong have said. The message: Never again." 09-08 -09-24-08 Where Things Stand With the Bailout (MSNBC News) "Lawmakers on Wednesday will continue the fight as the proposed $700 billion bailout of the U.S. financial system continues." 09-08 -09-28-08 The Three Men Behind the Rescue Bill (Time.com) "[Federal Reserve Chairman Ben] Bernanke, Treasury Secretary Henry Paulson and New York Fed president Timothy Geithner had spent the past year staving off one disaster after another, for the most part working behind the scenes." 09-08 -09-29-08 Rescue Bill Revealed (CNN News) "Key negotiators for the financial rescue plan will be busy trying to line up votes on Capitol Hill on Sunday to support the accord they reached soon after midnight [Sunday]." 09-08 -09-30-08 World Markets Respond After Bailout Fails to Pass (MSNBC News) "The historic carnage on Wall Street reverberated across Europe on Tuesday, with stocks volatile after U.S. lawmakers rejected a $700 billion bank rescue plan. Asian stocks fell." 09-08 -10-06-08 Neel Kashkari New Czar for Bailout (Wikipedia.org) U.S. Treasury Secretary Henry Paulson named a new czar to oversee the bailout of Wall Street that includes the Troubled Asset Relief Program.. "Paulson named Kashkari to oversee the U.S. government's $700 billion financial stabilization program on October 6, 2008, as the interim head of the new Office of Financial Stability.[5] This is an interim appointment; the permanent head of the Office of Financial Stability will require Senate confirmation, which is unlikely before the November elections.[3]" 10-08 -10-06-08 Stocks Worldwide Fall Sharply from Credit Concerns (New York Times) "The selling on Wall Street began at the opening bell on Monday and only intensified as the morning went on. Shares moved sharply lower as the banking crisis tightened its grip on the global economy." "The Dow Jones industrial average fell below 10,000 for the first time since 2004 after losing more than 500 points in the first hour. The index has lost more than 1,100 points — or about 10 percent — in slightly more than a week." 10-08 -10-08-08 One in Six Owe More on Mortgage Than Home Is Worth (MSNBC News) "The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that touched off the credit crisis last year." 10-08 -10-11-08 Editorial: What Will Cause the Economic Panic to Stop? (Time.com) "Call it capitulation: around the world, traders spooked by no end of bad news are dumping shares wholesale. That process continued on Friday as indexes in Asia and Europe opened trading with breathtaking falls of up to 10%. Though most markets partially rallied to limit losses to single digits, it represented only the most recent in a series of bearish days that threaten to transform a global credit crisis into a global economic crash. Does this make sense?" " 'The markets have gone completely crazy and are reacting in fear to a bad situation in a way guaranteed to make it far worse,' says Marc Touati, deputy executive manager of the French economic- and finance-research group Global Equities." "The sell-off will end eventually, one way or another. Governments could follow the nerve-racked Russians and suspend trading altogether, in a bid, as Touati says, to stop 'markets from sawing off the branch they're sitting on.' The more likely solution, Touati predicts, will soon come as "smart and steely investors realize selling now is a sure way to lose, while buying now will determine who the big winners tomorrow will be." 10-08 -12-05-08 Democrats and White House May Have Deal on Automakers (New York Times) "Faced with staggering new unemployment figures, Democratic Congressional leaders said on Friday that they were ready to provide a short-term rescue plan for American automakers, and that they expected to hold a vote on the legislation in a special session next week." 12-08 -12-05-08 Taxpayers Already Lost a Third of Value on Bailout (MSNBC News) "Stock intended to eventually earn taxpayers a profit as part of the Bush administration's massive bank bailout has lost a third of its value — about $9 billion — in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government negotiated." 12-08 -12-16-08 Editorial: Madoff and the Global Economy (Business Week) "A judge ordered the U.S. operations of Bernard L. Madoff Investment Securities to be liquidated, as fresh details emerged of trading discrepancies that offer clues as to how he may have run the epic scam alleged by authorities." "WSJ reporter Amir Efrati says the Madoff scandal could go down as one of the biggest frauds in Wall Street history." 12-08 -12-20-08 Automakers Get Bailout (MSNBC News) "Ailing U.S. automakers and their workers accepted huge concessions Friday, potentially including a partial nationalization, in return for a $17.4 billion federal rescue package meant to buy them time to survive." 12-08 -12-20-08 Obama Completes His Cabinet Picks, Mostly Centrists (MSNBC News) "President-elect Barack Obama wrapped up his Cabinet appointments yesterday, meeting his ambitious holiday deadline by assembling a team full of outsize personalities with overlapping jurisdictions and nominees who are known more for pragmatism than for strong leanings on the issues they will oversee." 12-08 -12-26-08 Shopping Figures Show Dismal Year (ABC News) " 'A difficult economic environment combined with difficult weather in the last few days made 2008 one of the most-challenging holiday seasons in decades,' said Michael McNamara, vice president of research and analysis at MasterCard Advisors." 12-08

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