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Fronnie Lewis - Editor

Tag Archives | wall street

We’re in a recession again

  It’s official. A report from the National Bureau of Economic Research confirmed what most Americans already know, we’re in a recession. The bureau evaluates the nation’s economic cycles and it says the U.S. has been in a recession since December 2007. On that news Monday, the shaky stock market took a serious dive with the Dow Jones Industrial closing down 680 points at 8,149 — one of  the worst declines ever. A lot of folks went shopping on Black Friday and Cyber Monday, but experts fear consumer spending is not going... Read More →

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The stock market falls off a cliff and Treasury Secretary Paulson speaks out

Wall Street investors are getting very nervous about the economy and that makes the rest us pretty jumpy as well. Today the stock market tumbled off a cliff with a drop of 445 points, closing at 7,552. Apparently a host of bad economic news, including the failure of congress to come up with a solution to the Big Three automakers’ copped plea for a $25 billion bailout, sent stocks into a dive. Meanwhile this morning, Treasury Secretary Henry Paulson spoke to a gathering at the Ronald Reagan Presidential Library in... Read More →

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AIG gets $37.8 billion more in federal money

  Some of us are still getting over the $85 billion bailout insurance conglomerate AIG got from the federal government a few weeks ago. Now comes word AIG is getting billions more in federal money. You’d think the company would have sold off some of its vast assets before coming back to the bailout well again, but no. Yesterday it was announced, the New York Federal Reserve is lending American International Group $37.8 billion. As the economy struggles and the financial markets stumble, one has to wonder if the billions being handed over to AIG are a wise investment.... Read More →

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The bad economy: the victims and the victors

  The $700-plus billion bailout was supposed to ease investors’ fears. Many Americans are still jittery about the ailing economy; and apparently a lot of players in the financial markets around the world are feeling the same way. Yesterday, the Dow Jones plunged 800 points — the most ever in one day— before recovering somewhat,  closing down 370 points, but below 10,000 for the first time in four years. No telling what is going to happen today or the rest of the week. Meanwhile, authorities are investigating an apparent murder/suicide case that involves... Read More →

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The Wall Street meltdown fuels hot book deals

 The stock market rallied several hundred points today, after yesterday’s historic plunge on Wall Street.  Monday, stocks dropped 778 points or 7 percent. The biggest point loss ever. Also, the biggest percentage loss since September 17, 2001, the first day of trading after the deadly September 11 terrorist attacks. The meltdown started when it became clear the highly touted  $700 billion financial bailout for troubled institutions would tank in the House of Representatives. Despite dire warning from the president and congressional leaders, many of the House’s rank and file could not stomach a... Read More →

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Gas prices, Wall Street, and that $700 billion bailout

Burbank/August 2008 I complained a lot during the summer about the jacked-up prices of gasoline. As recently as mid-August gas prices at the pumps in Burbank were still over $4 a gallon. Then prices began to tumble.  About two weeks ago, I paid $3.70 a gallon — on Monday, I paid even less, $3.60 a gallon. I should be doing the happy dance or at least a quick cha-cha step over the money I’m saving, but I’m not feeling it. The reason: that meltdown on Wall Street and a proposed $700 billion bailout.... Read More →

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