VOL. 123 | NO. 200 | Monday, October 13, 2008
The real estate market hasn’t plunged as dramatically as the stock market has, but much like the Dow Jones industrial average, housing has seen better days.
As a cascade of dramatic events has rocked the very foundations of Wall Street over the past several months, money continued to flow from the country’s financial sector to many of the lawmakers deciding the future of the marketplace.
NEW YORK (AP) – Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.
SAN FRANCISCO (AP) – Just a year ago, investors were swaggering as the stock market surged to an all-time high. Now, almost everyone on Wall Street and Main Street seems to be shuddering amid a frightening reversal of fortune that has erased $8.3 trillion in shareholder wealth in the past year.
Revid Property Management LLC acquired Midtown Property Management and Realty LLC in August, gaining about 400 new rental units and placing the company and its sister entities, Revid Realty LLC and Revid Design LLC, as one of the largest property management companies in Memphis.
NEW YORK (AP) - Oil prices plunged in another violent sell-off Friday, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis.
NEW YORK (AP) - Governments around the world have slashed interest rates and ramped up their lending to unprecedented levels, but banks are still charging each other extremely high borrowing rates – a bad sign for the credit markets that remain close to paralysis.
With the economy in a slide and the credit markets seized up, states are slashing budgets, eliminating jobs, putting major construction projects on hold and nervously waiting to see whether their shriveled pension funds recover.
NEW YORK (AP) - Wall Street seesawed Friday, with the Dow Jones industrials spinning from an early loss of nearly 700 points to a modest late-day advance while investors looked for bargains after eight straight days of massive losses. The Dow still headed for its worst week ever, though, as investors still worried about credit markets that remain near paralysis.
WASHINGTON (AP) - The tough economy could make it easier to sign up soldiers.
WASHINGTON (AP) - President Bush said Friday that the government's financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in.
LONDON (AP) - The pound fell to its lowest level against the dollar in five years Friday on fears that Britain's banking sector could suffer more losses from the world financial crisis, and that the dispute between Britain and Iceland over money in collapsed Icelandic banks could escalate.