Thursday, July 17, 2008
Bailout for Mortgage Giants, IndyMac Bank Collapse, Dollar Hits New Low, Inflation at 26-Year High, Dow Falls Below 11K…A Look at the Financial Crisis
It has been a tough seven days for the US economy. On Friday, the FDIC seized control of the failed California-based IndyMac Bank. It was second largest bank failure in US history. Analysts project another 150 banks could collapse. On Sunday, Treasury Secretary Henry Paulson announced extraordinary moves to bail out the mortgage giants Freddie Mac and Fannie Mae. On Tuesday, the Dow Jones Industrial Average dipped below 11,000 for the first time since 2006 and the dollar hit a record low against the euro. And Wednesday, it was announced that inflation is now rising at its fastest pace in twenty-six years.
http://www.democracynow.org/2008/7/17/bailout_for_mortgage_giants_indymac_bank
http://www.democracynow.org/2008/7/17/bailout_for_mortgage_giants_indymac_bank
