As expected overseas, the foreign stock markets sold off after Lehman filed bankruptcy and the fed said they were no longer giving handouts. Of course the 500 point drop in the DOW didn’t help. Japan’s benchmark Nikkei 225 index was down 5.3 percent to 11,560.66 in mid-afternoon trading, while Hong Kong’s blue-chip Hang Seng Index shed 5.7 percent. Both markets — Asia’s two biggest — had been closed for holidays on Monday, when news first broke about the dramatic events on Wall Street. Acros

Apart from the breaking news of World War III (which I hope will never happen), this has to be a piece of news that will rock global economies in the coming months. Given the time of the year, I’m expecting the effects will be felt well through Christmas and beyond. The Dow Jones Index has taken an epic dive of more than 500 points in a Wall Street meltdown. That is the biggest single drop in 6 years for the DJIA. It’s now a fact and not some speculation. One of the 4 biggest financial house

Stocks plunged, as a lot of news came out of Wall Street today, the Dow Jones Industrial Average declined by the largest single session amount since 9/11. As expected, Lehman Brothers [LEH: 0.21, -3.44 (-94.25%)] made a move today, and filed for Chapter 11 Bankruptcy after being unable to find a buyer for its troubled business. Lehman’s bankruptcy is the largest in US history and carries many potentially negative implications on our economy and the financial sector into the future, along with M

WSJ: Fed Expands Liquidity Facilities to Include Equities Delicious Digg Facebook reddit Technorati Yves Smith | Sep 15, 2008 I guess it is now official. We no longer have functioning trading markets, at least in terms of serving their alleged purpose of giving companies access to capital. The Fed is no longer the lender of the last resort. It is increasingly becoming not merely a lender, but by adding equities to its list of acceptable collateral, has become the funding source of the on

Via atrios, some reveries of yesteryear. Remember when Bush and McCain wanted to invest our Social Security in the stock market: Bush: Here’s why the personal accounts are a better deal. Your money will grow, over time, at a greater rate than anything the current system can deliver — and your account will provide money for retirement over and above the check you will receive from Social Security. Up!: In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell its