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Friday, October 10, 2008

G-7 Tries to Shore Up the Financial System

Items of Interest:

G-7 Pledges to Take `All Necessary Steps' to Stem Market Crisis -- Finance ministers and central bankers from the Group of Seven nations said they're prepared to take ``all necessary steps'' to unfreeze credit markets and prevent financial companies from failing.

``We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth,'' the policy makers said in a joint statement after talks in Washington.

They also pledged to support banks important to the financial system and ensure that companies are able to raise enough capital to reestablish confidence. There was no comment on exchange rates in the one-page statement.

The policy makers from the U.S., Japan, Germany, U.K., France, Canada and Italy convened at the end of a week in which $6 trillion was wiped off investors' wealth and on a day that the Dow Jones Industrial Average whipsawed by the most in history...

Wall Street Journal:
Dow Makes a Late Comeback — Stocks staged another wrenching turnaround on Friday afternoon, this time bouncing sharply higher as banking stocks surged, in a fitting cap to one of the most turbulent weeks in financial history. — The Dow Jones Industrial Average fell more than 600 points shortly …
CNNMoney.com: Global stock selloff
Wall Street Journal:
Market's 7-Day Rout Leaves U.S. Reeling
Steve Bainbridge / StephenBainbridge.com: A Secular Bear? Thinking about Investment Strategies
Paul Krugman:
Not about the financial crisis — The crisis isn't the only scary thing going on. Something very ugly is taking shape on the political scene: as McCain's chances fade, the crowds at his rallies are, by all accounts, increasingly gripped by insane rage. It's not just a mob phenomenon …
Amanda Marcotte / pandagon.net: Bill Ayers is the new Vince Foster

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