Wall Street in Turmoil
Global stocks have experienced wild fluctuations this week in the wake of the U.S. government's seizure of insurance giant American International Group, the failure of Lehman Brothers, the disappearance of Merrill Lynch as an independent company and reports the U.S. government will set up a government entity to take on bad debts from financial institutions.
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This Story How Your Money-Market Fund Just Got Safer Article | Until yesterday, individuals and businesses invested in money-market mutual funds at their own risk. Now, the government is offering to backstop such investments. The program was put together so quickly that the government was still nailing down the specifics yesterday. "All the details are subje... This Story Despite Late Surge, Markets Still Show Signs of Instability Article | The rampaging credit crisis continued to roil the world's markets yesterday, but in a week of steep downdrafts, U.S. stock prices rallied on news of the government efforts to shore up the global financial system. This Story Pearlstein: Orchestrating a Process Neither Neat Nor Fair Article | When it comes to playing high stakes poker, Hank Paulson knows when to hold 'em and when to fold 'em. This Story Bailout Proposal Meets Bipartisan Outrage Article | The Bush administration sent some of its most powerful figures to Capitol Hill yesterday to rally support for a $700 billion plan to revive the U.S. financial system, but they encountered stiff resistance from lawmakers who are deeply skeptical of the proposal and angered by the administration's... This Story No Bailout: Feds Made New Policy Clear in One Dramatic Weekend Article | When Treasury Secretary Henry M. Paulson Jr. flew to New York Friday evening, he brought only one change of clothes. And he planned to send a simple message to the powerbrokers of the financial world: No government bailouts would be offered to Wall Street. This Story Fed Leaves Key Rate Unchanged Article | The Federal Reserve yesterday elected to leave the interest rate it controls unchanged, rebuffing calls to bolster the economy at a time of global turmoil in financial markets. This Story Wall Street Troubles: Are They Too Much to Bear? Article | NEW YORK -- If you're one of those Manhattan-haters who hopes the city has been truly smacked upside the head by all the grim news out of Wall Street, listen to Alan Matarasso, a plastic surgeon with an office on Park Avenue. This Story Rescue Rally, Day 2 Article | Wall Street's tumultuous week, which included the disappearance of two major investment firms and the rescue of the nation's largest insurer, culminated with a nearly 400-point rally yesterday as the government laid out a financial rescue plan that could cost hundreds of billions of dollars. |
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 Congress Approves $700B Bailout Legislation Photos | Congress approves a massive plan to shore up the U.S. financial system, despite a stunning early defeat. The Senate passed the legislation on Wednesday evening, and the House passed the legislation on Friday afternoon.  Lawmakers Urge Action on BailoutPhotos | Economic policymakers work to stabilize global financial markets and say Congress must act quickly on a proposed bailout plan to avoid dire consequences for the U.S. economy. |
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