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October 2008
- Buffett: I'm Buying American. You Should Be, Too.
  
  New York Times | Oct 17, 08 9:32 AM CDT
  
  (Newser) - “I’ve been buying American stocks,” Warren Buffett writes in the New York Times , and he'd like to see a stampede of others following suit. Sure, the financial system is a mess, global economies are faltering, unemployment is rising, and headlines will continue to terrorize markets. But markets will repair themselves, says the Oracle of Omaha, and those who wait for "the comfort of good news" will lose out. More »
- At London Fair, Art Market Finally Stalls
  
  Bloomberg | Oct 16, 08 9:38 AM CDT
  
  (Newser) - As the financial crisis has deepened, the art world seemed strangely impervious to global declines. But at yesterday's opening of the Frieze Art Fair in London, one of the year's biggest events, the slowdown finally caught up to the heady art market. Where once visitors ran maniacally to buy artwork in the first minutes of the fair, this time around, one collector tells Bloomberg, "it's a looker's mood." More »
- Asian Markets Plunge Again
  
  MarketWatch | Oct 16, 08 1:52 AM CDT
  
  (Newser) - Share prices tumbled in Asia again today amid fears of a US recession and a braking global economy, reports MarketWatch. The key Nikkei 225 Stock Average plummeted 10%, the Hang Seng Index dropped 7.6%, and the China Enterprises Index lost 9.9%. The MSCI Asian Pacific Index—set for its biggest drop in history—plunged 7.8%, and Australia's S&P/ASX 200 index slid 6.9%. More »
- Bush, Paulson Outline Plan to Buy $250B Stake in Banks
  
  Associated Press | Oct 14, 08 7:43 AM CDT
  
  (AP) - President Bush this morning confirmed the government's $250 billion plan to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession. Speaking from the Rose Garden after an early-morning meeting with economic advisers, Bush said the move will help restore confidence and "return our economy to the path of growth and prosperity." More »
- Nikkei Up 14% in Record Rally
  
  Bloomberg | Oct 14, 08 1:59 AM CDT
  
  (Newser) - The Nikkei surged over 14% on the news that the US and Europe will buy up stakes in troubled banks, Bloomberg reports. The index's biggest gain in history follows its biggest loss in its history last week. Japan's markets were closed for a holiday yesterday when global indexes soared. Hong Kong's Hang Seng index rose 4.2% for a two-day gain of 15%. More »
- Paulson to Banks: Do It for Your Country
  
  New York Times | Oct 14, 08 1:00 AM CDT
  
  (Newser) - The $250 billion plan to guarantee new bank debt and unlimited bank deposits in certain accounts isn’t just an option, Treasury Secretary Paulson told the chiefs of nine banks yesterday; it’s for the good of the country. The plan, the country’s response to similar European banking actions, is engineered to quash feats that US banks will default and keep capital from flowing overseas to safer banks, the New York Times reports. More »
- Global Markets Rally After Rescue Talks
  
  BBC | Oct 13, 08 2:58 AM CDT
  
  (Newser) - Asian and European markets were up today following announcements by global leaders of wide-ranging economic rescue packages. France's Cac 40 index and London's FTSE 100 index both bounced more than 5%, with banking shares posting some of the biggest gains, the BBC reports. Australia's main index jumped 5.6% and Hong Kong shares were up 3.2%, though Taiwan stocks fell 2.1%. EU leaders vowed yesterday that governments would allow no major bank to fail. More »
- Feds Consider Insuring All Bank Deposits
  
  Wall Street Journal | Oct 10, 08 4:39 PM CDT
  
  (Newser) - Under the shadow of the deteriorating global economy, the US is considering two more steps to assuage markets, the Wall Street Journal reports: guaranteeing billions in bank debt and insuring all US bank deposits. Either move is an aggressive step, and in tandem they would mark Wasington's largest intervention yet into the financial markets. More »
- American Capitalism Is Dead. The Culprit? America
  
  Washington Post | Oct 10, 08 10:35 AM CDT
  
  (Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post . Once the symbols of American economic might, there's a real possibility that many US banks may find themselves partially government-owned as part of the bailout, altering America’s influence in pushing laissez-faire policies in controlled economies worldwide. More »
- Stocks Plunge 600, Rebound
  
  Wall Street Journal | Oct 10, 08 8:53 AM CDT
  
  (Newser) - Stocks continued their rocky ride this morning, plunging more than 600 points after the opening bell before rebounding, reports the Wall Street Journal . The Dow, in what the Journal calls a “slow-motion crash,” was down about 250 points after the first hour. The Nasdaq and S&P followed similar paths. Today's developments followed huge losses overseas, as Japan’s Nikkei fell 9.6%, Germany’s DAX fell 9.8%, and the Vienna exchange took a trade-suspending 10% hit. More »
- Euro Stocks Follow Asia Plunge
  
  Financial Times (UK) | Oct 10, 08 3:40 AM CDT
  
  (Newser) - Stock markets across Europe took a pounding this morning, following a dramatic market dive in Asia that saw the Tokyo exchange suffer its worst loss in 20 years. In London the FT