October 27th, 2008
In spite of the government’s attempts to revive the economy, the country remains in the midst of a brutal bear market that began last October. Markets here and around the world plunged relentlessly, sending the Dow Jones industries to a staggering 733 points – a five-year low. Just a year ago jubilant investors were celebrating [...]
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October 23rd, 2008
Wachovia was once among the most conservative and profitable banks, until it succumbed Monday September 29, 2008 to its bad acquisitions and troubled mortgages. Some have been left wondering, how could this have happened to Wachovia, of all banks?
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October 17th, 2008
Countrywide, the nation’s largest lender and loan servicer, recently acquired by Bank of America, had been sued by 11 states over what they said were predatory lending practices. The company agreed to the largest program ever to modify home loans.
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October 15th, 2008
Stagnant wages and a declining dollar have forced the country into a deflationary cycle, which had been concealed by American Economist Alan Greenspan’s “cheap money" policy. But those days are gone. The stock market seems locked in a downward spiral as one bank after another collapses.
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October 10th, 2008
On Wednesday (9/24/08), President Bush scared the Bejesus out of the Nation, as he urged Congress to support his $700-billion plan to bailout Wall Street and take quick action. He said the country was facing a “serious financial crisis” and risked a “long and painful recession” if Congress failed to pass his proposal. Voters were [...]
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