In an effort to calm the financial fears of the markets, the Federal Reserve is considering co-ordinating global rate cuts.

The Federal Reserve, invoking emergency powers, through a special unit, will purchase unsecured, short term debt. The Fed is hoping to ease the credit crunch by purchasing the commercial paper.

Wells Fargo has reportedly, shut down its issuance of CD's.

Depositors are finding better deals at smaller banks, as their rates are somewhat better.

Bank of America will slash its dividend by 50%, and will sell ten billion in stock to raise capital.

European Finance Ministers met in Luxembourg, to try to come up with a consensus, as to how to deal with the global credit problems, the one thing they had decided to do was to insure deposits up to fifty thousand euros, besides that, no other decision has been made jointly. President Bush has spoken with some of the leaders to discuss the sition. President Bush has reportedly said that an emergency G-8
meeting might be a good idea to consider.

The DOW is down 29.7%, since the beginning of the year.

Chairman of the Federal Reserve, Ben Bernanke addressed a conference, where he outlined what the Federal Reserve would be doing to control the credit crisis and inflation. All of the Fed's tools would be used to monitor and deal with the crisis. When he concluded the DOW
dropped to over 300 points.

With less that a month to go until the election in the United States, Senator Obama has increased his lead over Senator McCain, and is thought to be better at handling the economy, the housing crisis, the Wall Street crisis and the energy crisis, anywhere from 6 to 17, points over Senator McCain.

Old news: O.J. Simpson was found guilty on twelve counts, he will
face possible life in prison, when sentenced.

More old but important news: China sent two astronaunts into space
for a spacewalk, for the first time in China's history.

Saturday Night Live will begin having specials, on Thursday night in prime time, from now until the election in November. The ratings for the regular show have increased this season.

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