REPORT ABUSIVE REPLY
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Message Subject
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Anyone else experiencing doom fatigue?
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Poster Handle
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Anonymous Coward |
Post Content
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For me it was their unsettling coincidence with the actual events of the past few weeks.
September 10 One of Wall Street's most venerable banks, Lehman Brothers, puts itself for sale after $4bn loss; with no buyer and refusal by US regulator to step in, declares bankruptcy. Merrill Lynch bought by Bank of America.
September 16 The US government announces $85bn rescue for insurance giant AIG.
September 19 Fearing total collapse in share prices, US securities and exchange commission bans short-selling - borrowing stock with the aim of selling it, then buying it back at a lower price.
September 20-21 Treasury secretary Henry Paulson and fed chairman Ben Bernanke tell Congress to back a government buy-up of $700bn of bad mortgages. World stock markets soar. September 23 Warren Buffett pays $5bn for 9% of Goldman Sachs to prop up bank.
September 24 George Bush addresses nation on TV on urgent need for Congress to pass $700bn bail-out of US money markets. John McCain surprisingly suspends his campaign. Barack Obama said neither need intervene, but later has to involve himself in the talks too.
September 25 Washington Mutual becomes largest ever US bank failure. JPMorgan Chase buy it out for $1.9bn.
September 26 Hopes that Congress would support bail-out in balance as some Republicans signal opposition. President says he remains confident. September 29
Congress rejects bailout. Dow drops 777 points. October 3
Congress passes modified bailout. Dow drops 157 points.
October 6
Dow drops below 10,000 for first time since 2004.
This does not include the European and Asian market issue happening in this same time period.
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