The dust is settling down, but believe it, there is a long way to go,
before the rollercoaster comes to a safe stop. AIG was provided with it's eighty-five billion dollar bridge loan, it was also removed from the Dow thirty components, it will be replaced by Kraft on Monday morning.
Members of the SEC, the Federal Reserve Chairman, the Secretary of the Treasury Department, Congress House and Senate leaders, all met at the eleventh hour, actually around 7p.m. Thursday evening, to work out a feasible plan to rescue the financial and housing markets. It is reported that there will be some kind of a Trust company formed which will provide somewhere in the neighborhood of a trillion dollars, to purchase the illiquid assets and try to restore them to viability, and sell them eventually. This would clear the books and give the companies holding these valueless assets, time
to recapitalize and gain a sense of stability. Where the money will come from, who knows, the debt will be over ten trillion dollars, if it is borrowed. But what's a trillion here or a trillion there? The
plan has not been announced as yet, so this is all speculation.
The SEC will be temporially banning short selling, England announced a similiar plan.
As a result of the Federal Reserve joining with other central Banks around the world, namely the Bank of England, the Bank of Japan, the Bank of Canada, and the Bank of Switzerland, to pump one-hundred and eighty billion dollars, into the banking systems around the world, the Dow Jones stock market rose just over four hundred points, sensing some comfort, from the fact that the Federal Reserve is trying to stablize the market and bring some sense of confidence to the table.
Washington Mutual has put itself on the auction block, it may be merged or broken into pieces, and taken in by other financial companies. Goldman Sach's is handling the auction. Various financial institutions including Wells Fargo, Wachovia, and HSBC, are said to be interested suitors.
The Russian stock market was closed for two days, and is set to open on Friday, hoping to stabilize its market. RXS is reportedly the world's cheapest stock market.
Japanese stocks dropped to the lowest level in four years, on the concern over bank failures.
New Zealand's Central Bank takes steps to ease liquidity.
Investors are flocking to Gold and Silver as a safe havens.
Prime Minister Brown of England, is facing a growing worry over the rise of the Conservative party favorability, as well as a mutiny by his cabinet members, as they scurry to succeed him. Quite a few problems besiege England, including rising unemployment.
A woman Prime Minister in Israel, since thirty years ago, has been elected. Tzipi Livin, must now build a coalition Government. Prime Minister Livin's election is truly a historical event.
Secretary Rice spoke, saying Russia is on its way to being isolated and irrelevant, due in part to its invasion of Georgia, and its
protests against NATO possibly, taking in Poland and Georgia.
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