Mental Recession Update: Wall St. giants buried in global stock market panic!
Fri Oct 10, 2008 NEW YORK (Reuters) – Wall Street titans buckled under the weight of a global stock market panic on Friday as the finance chiefs of the world’s major economies gathered in Washington to confront the inescapable financial crisis.
Shares of Morgan Stanley and Goldman Sachs tumbled after credit ratings service Moody’s said it might cut their ratings, reviving concerns about the viability of their banking models.
Chaos awaited finance ministers and central bankers from the Group of Seven as they gathered to Washington to contemplate a next step after joint interest-rate cuts, individual liquidity injections, a $700 billion U.S. bailout and government plans to take equity stakes in banks failed to restore investor confidence.
After Wall Street opened with an 8 percent nose-dive, President George W. Bush warned how “anxiety can feed anxiety” and implored Americans to remain confident, promising the United States would restore stability as people watched huge chunks of their retirements savings vanish in the sell-off.
Read full story at Reuters.
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