U.S. Futures Rise With WaMu, Morgan Stanley On Block
Wall Street continues it’s historic consolidation as the world’s eyes are on New York and Washington. The Treasury Dept. and the New York Fed are working around the clock to avoid a market meltdown.
Reports this morning say the Fed has injected $180 billion into the banking system to try to provide the liquidity necessary to keep the banking sector solvent……..Developing
~~John Cronin~~
By Steve Goldstein, MarketWatch
LONDON (MarketWatch) –
The financial crisis headed into its fourth day on Thursday, as Washington Mutual and Morgan Stanley were on the block and the Federal Reserve led a coordinated effort to inject $180 billion into the financial system.
U.S. stock futures pointed to a stronger start. S&P 500 futures rose 13 points to 1,175.90 and Nasdaq 100 futures rose 23 points to 1,670.00. Dow industrial futures improved 63 points.
U.S. stocks on Wednesday were crushed anew after the government’s rescue for American International Group failed to draw a line under the financial crisis. The Dow Jones Industrial Average fell 449 points, the Nasdaq Composite lost 109 points and the S&P 500 dropped 57 points.
September 18th, 2008 at 10:27 am
One of the last two remaining U.S. investment bank - Morgan Stanley - is in talks to merge with Wachovia. China’s CITIC bank is also posturing to take over Morgan Stanley.
Glenn Beck interviews Romney on economics Sept 17, 2008:
http://www.glennbeck.com/content/articles/article/196/15311/
September 18th, 2008 at 11:29 am
That Glen Beck interview is great! Thanks for posting, 2thePoint. If anyone reads that and doesn’t think Romney has better ideas for solving the problem, then they don’t know what they don’t know (any better than the remaining candidates do).
I particularly like his point that we should stop finger pointing, roll up our sleeves, and get to work finding solutions. Real, workable solutions, not just proposed federal agencies and more governmental control. If the Federal government can’t manage it’s own fiscal house, how naive are we to assume they can do it on Wallstreet?