McCain Blasts Wall Street Failure, Neglects To Mention His Adviser Helped Cause It: If McCain wants to hold someone accountable for the failure in transparency and accountability that led to the current calamity, he should turn to his good friend and adviser, Phil Gramm.
Senior advisor disses McCain on economy: A senior economic advisor to the Republican Party says neither John McCain nor his running mate is capable of running a large business.
Financial turmoil accelerates in Russia: Russian financial turmoil accelerated Wednesday as trading on the country's major exchanges was halted for a second day and the finance ministry announced plans to loan the country's three largest banks up to $44 billion.
US government rescues insurer AIG: AIG will get an $85bn loan, in return for an 80% "public" stake in the firm.
Rush to cancel AIG policies; The Singapore office of insurance giant AIG has been besieged by people desperate to cancel their policies.
Regulators gauging other banks' interests in WaMu: Shares of Washington Mutual have plummeted in recent weeks amid continued concerns about mounting losses in the bank's lending portfolios. In early trading Wednesday, they rose 6 cents, or 2.6 percent, to $2.38.
Is the U.S. going overboard on bailouts?: Industry and government officials say the handouts are cheaper in the long run than doing nothing. But critics say they encourage bad behavior by removing the consequences.
Housing starts at 17-1/2-year low: Construction starts on new homes plunged to a 17-1/2-year low during August as builders scaled back sharply to try to cope with the worst slump in U.S. housing since the Great Depression.
U.S. current account trade deficit rises to $183.1 billion: The U.S. Commerce Department says the current account trade deficit increased by 4.3 per cent to US$183.1 billion in the April-June quarter, compared to a revised deficit of $175.6 billion in the first quarter. The deficit represents the amount of money the country is borrowing from foreigners.
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