Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
Two time Nobel-prize winner and former chief economist of the World Bank, Joseph Stiglitz has warned that the current financial crisis will continue for at least another eighteen months and in many ways represents a worse situation than the one faced by Americans during the great depression of the 1930s.
The End of the Blue Chip Economy
AIG, the quintessential blue-chip, one of the 30 companies that compose the Dow Jones Industrial Average, a company that in 2000 boasted a market capitalization of $217 billion, making it the largest financial institution in the world, is teetering on the brink of collapse.
Soros Compares Mishandling Of Current Crisis To Great Depression
Billionaire investor George Soros has slammed US Treasury Secretary Hank Paulson for behaving in the same manner as bankers in the 1930’s and mishandling a financial crisis that threatens a repeat of the Great Depression.
• Morgan Stanley weighing possible merger: report
• US Giant Bailed Out By $85bn Loan
• HBOS ‘could merge with Lloyds TSB’
Gold Rises Most in 8 Years as Investors Seek Haven From Turmoil
Gold surged the most in eight years as investors sought the safety of precious metals on concern that the credit crisis will deepen, leading more financial institutions to fail. Silver jumped more than 8 percent.
• Reid Says `No One Knows What to Do’ to Solve Crisis
• Morgan Stanley, Goldman Sachs Shares Plunge After AIG Takeover
Russia Gives Banks Cash, Halts Stock Trading to Head Off Crisis
Russia halted stock trading for a second day, poured $44 billion into its three largest banks and relaxed restrictions on lenders to stem the worst financial crisis since the nation defaulted a decade ago.
• Bleak outlook for banks
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