Morning Briefing
Week one after the $700 billion bailout bill becomes law and the overseas markets have this reaction: Sell!
In Asia, the markets were down from 4 percent to more than 6 percent. In Europe, the DJ Stoxx index fell 5 percent as Germany announced a $69 billion rescue plan with several other banks for Hypo Real Estate, a commercial property lender.
We'll be watching the opening bell here on the Live Coverage blog and waiting to see whether the Fed makes any moves today. Over the weekend, the Fed became the intermediary in the love triangle that is Wachovia-Wells Fargo-Citigroup. Despite news on Friday that Wells Fargo would acquire Wachovia for $15 billion, Citigroup claims Wachovia had already committed to its $2 billion offer.
Meanwhile, remember Fannie Mae and Freddie Mac? Their executive teams are getting a makeover. Today's Post story takes a look at who's new at the top.
--Sara Goo
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Sara Goo
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October 6, 2008; 7:17 AM ET
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Posted by: Lord | October 6, 1908 10:44 AM | Report abuse
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The market's response to this bailout? A big yawn.
This isn't the ultimate cure and it's not going to change things are drastically as they tried to get us to believe.
Here's a great blog on the idiocy of the whole thing:
http://www.greenfaucet.com/hanlons-pub/the-verdict-is-in/03256#comment-8247
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