Major Stock Markets in Asia Tumble + Fed acts Sunday to prevent global bank run Mon

Dandelion Salad

By Martin Fackler
NYT
March 17, 2008

TOKYO — Major Asian stock markets fell sharply in early trading on Monday as pessimism continued to spread despite the Fed’s dramatic moves over the weekend, sending Tokyo’s benchmark index to a three-year low.

The markets responded negatively to the purchase of Bear Stearns over the weekend by JPMorgan Chase. The acquisition, backed by the Federal Reserve, underscored the severity of the credit crisis in the United States and the weakness of the American economy.

…continued

h/t: CLG

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Fed acts Sunday to prevent global bank run Mon

By Rex Nutting & Greg Robb
MarketWatch
10:38 p.m. EDT March 16, 2008

Acting quickly to prevent a run on major global financial firms, the Federal Reserve cut its discount rate by a quarter percentage point to 3.25% and offered to lend money to a longer list of firms than ever before.

…continued

h/t: CLG

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2 thoughts on “Major Stock Markets in Asia Tumble + Fed acts Sunday to prevent global bank run Mon

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  2. Pingback: “Bernankerupted”: Bear Stearns Fire-sale sends Global Markets Plunging; Dollar Routed « Dandelion Salad

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