Wall Street tumbles after global sell-off

[Pale Blue Dot]

Source: MSNBC

NEW YORK - Financial markets around the world had a rocky start Monday after European governments took steps to limit the damage from the growing global financial crisis. U.S. stocks dropped sharply at the opening, and the credit markets remained under strain. The Dow fell more than 200 points.

Investors are realizing the Bush administration's $700 billion rescue plan won't work quickly enough to unfreeze the credit markets, and that many banks are still having difficulties gaining access to cash.

Over the weekend, governments across Europe rushed to prop up failing banks. The German government and financial industry agreed on a $68 billion bailout for commercial-property lender Hypo Real Estate Holding AG, while France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank after a government rescue failed.

The governments of Germany, Ireland and Greece also said they would guarantee bank deposits.

The Federal Reserve also took fresh steps to help ease seized-up credit markets. The central bank said Monday it will begin paying interest on commercial banks' reserves and will expand its loan program to squeezed banks.

Read more: http://www.msnbc.msn.com/id/3683270/

---

Boom.

[stray cat]

1. Clearly the economy is sound and no one needs worry or try to intervene

[Piewhacket]

5. US handing out money....

so, we didn't expect them to take the money and run?
Of course we did.

[Javaman]

2. it just dropped below 10k...

:banghead:

[customerserviceguy]

3. Glad I moved my piddly 401K

from bonds to the money market fund. I was sick of losing principal in something that was supposed to be safe. I feel for those who have had theirs in stock funds, they're losing a bundle.

[lligrd]

4. But I Thought McCain Was Turning That Page nt