Monday, October 6, 2008

$700 Billion Rescue?

"Bush sought to reassure panicking markets. "It's going to take awhile to restore confidence in the financial system. But one thing people can be certain of is that the bill I signed is a big step toward solving this problem," he said in San Antonio, Texas.

Nobody seemed reassured. Chaos in the financial system seemed to be growing by the minute.

The Dow industrials plunged below the 10,000 level for the first time in four years, and at one point were down as much as 800 points before recovering to close with a loss of 370. All sectors — not just financial companies — were being sold off.

People are panicked..."

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