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 record highs in the stock market. Since then, they have lost trillions in shareholder wealth. It now seems inconceivable that both Wall Street and Main Street are staring into a seemingly bottomless pit of despair.
The U.S. Treasury Department announced its plans to use trillions of dollars to save banks, including a plan to buy about $250 billion in bank stocks that could help companies with short-term credit and funding needs to finance their day-to-day operations. The move is to restore confidence and hopefully give Stocks a boost. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke expressed confidence that the government’s efforts to stabilize the financial system and induce banks to lend again will eventually help the economy.
The Group of Eight (G8), leaders of the world’s top economic powers, said they that would meet in the coming months for a global summit to address the financial crisis. The G8 is comprised of the United States, Germany, Italy, Canada, Russia, Japan and France.
Home purchases here in the Las Vegas valley continue to increase. The median price also continues to fall. There are fantastic buys out there right now. First Time Homebuyers can really benefit from the drastic decreases in sales prices. Prior to this year, a first time homebuyer was very limited on what they could purchase given how inflated the cost of homes were. It is now the exact opposite.
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