Financial News * Open Thread [Video Update]
By SusanUnPC on September 29, 2008 at 10:22 AM in Economy, Open Thread
The House is debating the “bailout” bill right now on C-Span 1 (you can also watch and/or listen online). You can also watch the House debate live at Fox News. Here’s a copy of the draft of the bill (PDF).
US elections: Barack Obama’s team believes he can win by a landslide (Okay, that’s an OT story, but I thought you needed to see this ASAP — I nearly jumped out of my skin when I saw that headline, mostly over his and his team’s audaciousness. It’s curious too that they leaked this to a UK newspaper. At least I’m guessing they leaked it.)
Barack Obama’s senior aides believe he is on course for a landslide election victory over John McCain and will comfortably exceed most current predictions in the race for the White House.
Their optimism, which is said to be shared by the Democratic candidate himself, is based on information from private polling and on faith in the powerful political organisation he has built in the key swing states.
Insiders say that Mr Obama’s apparent calm through an unusually turbulent election season is because he believes that his strength among first time voters in several key states has been underestimated, both by the media and by the Republican Party. … Read all.
I suppose Barack’s just loving this financial crisis which takes people’s minds off the critical importance of electing a real Commander In Chief, and makes people want to change horses.
2nd Update: The UK Telegraph has another headline story today: “Bailout failure ‘will cause US crash’” — “The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned. …”
Via CNET: Stocks Plunge as Fear Spreads; Apple Falls Here are some snippets, with handy links to track the financial situation:
Stocks plummeted Monday as fear rippled through the market with cracks starting to show in the global financial system and a House vote on the Wall Street bailout bill due later today.
The Dow Jones Industrial Average, was off more than 2.5 percent, while the S&P 500 and
Nasdaq shed more than 3 percent. The CBOE Volatility Index, widely viewed as the best gauge of fear in the market, shot up 8 percent to about 38.
[large section omitted]
Later on Monday, hedge-fund managers will have to disclose their short positions to regulators, a move set to give a rare public glimpse into their secretive trading strategies two weeks later.
As the U.S. government worked overtime to shore up its financial system, cracks started to show in the world financial sector as two European banks were nationalized in two days and central banks threw money at banks trying to persuade them to lend to each other.
In Britain, mortgage lender Bradford & Bingley became the second British bank to be taken under the government’s wing since the crisis began last year.
Fortis is the first major euro zone bank to buckle under the financial turmoil triggered in August last year by U.S. mortgage defaults, and an early relief rally in markets at news of progress in Washington soon fizzled out.
And shares in French bank Dexia tumbled more than 20 percent on a newspaper report that it might launch an emergency capital increase.
[...]
Apple shares were the most actively traded on Nasdaq, plunging 16 percent, after a slew of downgrades. Analysts said it wasn’t so much that Apple was doing anything wrong as it was a worry about demand.
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(Read all.)






















