DOW LOSES 18%...
Crisis becomes global crash...
THE WORST WEEK
BERLUSCONI: LEADERS MAY CLOSE WORLD'S MARKETS...
White House dismisses...
By Mike Whitney
Panic has spread to stock markets around the world. A massive sell-off, which began when Henry Paulson announced a $700 billion bailout for the banking system, has turned into a global stampede. Continue
Who owns the IMF?: The International Monetary Fund could be a vital institution in the global economy – but only if reformed to reflect new realities
Indonesian stock exchange halted indefinitely: The president of the Indonesian stock exchange says trading will be suspended indefinitely "to prevent deeper panic" after another huge drop on Wall Street.
Russia's Crash `Pretty Much the Same' as 1929, Micex Chief Says: The 67 percent decline in Russian equities this year resembles the U.S. stock market crash of 1929 because of the damaging effect of highly leveraged investors, the head of Russia's Micex Stock Exchange said.
Russian President Endorses Emergency G8 Summit; Russian President Dmitry Medvedev Friday endorsed the idea of an emergency Group of Eight summit on the global financial crisis but insisted on major developing countries such as China and India being included.
Putin: US image damaged forever over economy woes: - The financial crisis has irreparably damaged the image of the U.S. as the leader of the free world and the global economy, Russian Prime Minister Vladimir Putin said Thursday.
Financial Crisis: Gordon Brown demands £20 bn 'British money' from Iceland: The Prime Minister said Britain would seize the assets of Icelandic companies and take “further action against the authorities” over the collapse of the island’s banks.
Selling frenzy persists as gobal stocks dive: Global stocks dove head first to five-year lows on Friday at the end of a brutal week as even the traditional safe-havens of gold and government bonds suffered as fear-stricken investors sought refuge in cash.
U.S. Weighs Backing Bank Debt: Removing Deposit Insurance Limits Also on the Table
General Motors' market cap plunges to 1929 level; Stocks fall in Europe and US: General Motors shares have fallen 13% and the market capitalisation is down to the level it was at in March 1929 - at about $4 billion. It had a market cap of $52 billion in 2000. The stock has fallen 45% in the last month.
The current financial crisis is only the beginning: One could argue that the banking crisis is just the cold sweat, not the flu that follows it.