By Martin Fackler
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.
Fed acts Sunday to prevent global bank run Mon
By Rex Nutting & Greg Robb
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.
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