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...
Discussion:New York Times: Stocks Nearly Even After Wild SwingsMichael Winter / On Deadline: Volatile day sends blue chips to biggest weekly losses everCNNMoney.com: Global stock selloffRandyj / TIME.com: Dow Falls Slightly After Zigzag Day
Wall Street Journal:
Discussion:Myglesias / Matthew Yglesias: Crazy Hour — Paul Krugman takes a look back:Amanda Marcotte / pandagon.net: Bill Ayers is the new Vince Foster
- The Market Fights the Fed -- and Wins - Randall Forsyth, Barron's
- A Short Banking History of the U.S. - John Steele Gordon, Wall St. Journal
- Plan B: Flood Banks With Cash - Floyd Norris, New York Times
- Me-First Attitude Won't Rescue Banks, Economy - M. Sesit, Bloomberg
- The Dollar: The Unlikely Beneficiary of Deleveraging - Colin Barr, Fortune
- The End Of American Capitalism? - Anthony Faiola, Washington Post
- Why Wall Street Will Survive - Andy Kessler, New York Magazine
- We Have the Tools to Manage the Crisis - Paul Volcker, Wall Street Journal
- We Must Lead the World to Stability - Gordon Brown, Times of London
- Saving Banks Won't Save the Economy - Casey Mulligan, New York Times
- Market and Economic Fear Will Subside - Steve Forbes, Forbes
- The Mood of the Market - Redenbaugh & Juliano, RealClearMarkets
- We Haven't Hit the Bottom Yet - Mark Hulbert, MarketWatch
- Keynes, Thou Shoulds't Be Living - Samuel Brittan, Financial Times
- New Careers For Wall Street's Unemployed - Matthew Lynn, Bloomberg
- City, Street Debris Will Destroy Lives - Jeff Randall, Daily Telegraph
- The Era of Free Trade Has Ended - Irwin Stelzer, Weekly Standard
- Lending Mandates Hurt the Poor - Howard Husock, Investor's Business Daily
- It's Time for Budget Stimulus - Sebastian Mallaby, Washington Post
- How Will Partially Nationalized Banks Behave? - Cowen, Marg. Revolution
- Dow Jones Average: 19 Days To Zero? - Jon Ogg, 24/7 Wall Street
- Weak Economy Imperils New Tax Cuts - Rick Newman, U.S. News
- National Debt Now Exceeds $10 Trillion - Spencer, Angry Bear Blog
- Listening to Candidates Discuss Economics - Don Boudreaux, Cafe Hayek
- Does Wealth Concentration Cause Bubbles? - Thoma, Economist's View