Here are prominent headlines from today's business news:
Auto Industry Bailout Compromise Fails in Congress
Treasuries Reach Price Levels that Equal 0% Return on Panic Fear Buying
Dow Drops Through Floor to Price Levels Lower Than Last Recession Lows
Unemployment Claims Reach Historic Levels
Citigroup: At $2 Trillion, Too Big To Bail Out
Crude Drops Below $50 Per Barrel
Even Biggest Insurance Companies Line Up at the Bailout Trough
Saudi Prince' Investment in Citi Fails to Calm Investors, Price Plunges 25% to Under $5
IAEA Announces Iran Now Has Enough Enriched Uranium for One Nuke
Treas. Secretary Paulson's Speech Fails to Reassure Markets
Dow Drops to Fresh Lows, Down 444 Points
Markets End in Tatters
Quite honestly, in my time as an investor and trader, I have never seen such levels of fear and panic as I saw today. Perhaps Rick Santelli, CNBC's reporter on the floor of the Chicago trading pits, said it best when one of his peers quoted Sec. Paulson in his speech today. Paulson said that without the government's $700 billion bailout package last month, the American People would have paid a very heavy price for a collapse in the financial markets. Rick Santelli replied that the American People are paying that price anyway!
Auto Industry Bailout Compromise Fails in Congress
Treasuries Reach Price Levels that Equal 0% Return on Panic Fear Buying
Dow Drops Through Floor to Price Levels Lower Than Last Recession Lows
Unemployment Claims Reach Historic Levels
Citigroup: At $2 Trillion, Too Big To Bail Out
Crude Drops Below $50 Per Barrel
Even Biggest Insurance Companies Line Up at the Bailout Trough
Saudi Prince' Investment in Citi Fails to Calm Investors, Price Plunges 25% to Under $5
IAEA Announces Iran Now Has Enough Enriched Uranium for One Nuke
Treas. Secretary Paulson's Speech Fails to Reassure Markets
Dow Drops to Fresh Lows, Down 444 Points
Markets End in Tatters
Quite honestly, in my time as an investor and trader, I have never seen such levels of fear and panic as I saw today. Perhaps Rick Santelli, CNBC's reporter on the floor of the Chicago trading pits, said it best when one of his peers quoted Sec. Paulson in his speech today. Paulson said that without the government's $700 billion bailout package last month, the American People would have paid a very heavy price for a collapse in the financial markets. Rick Santelli replied that the American People are paying that price anyway!
