major news

Here is a recap of the major news items from this week: 1. Stock markets across the globe sold-off drastically this week as concerns which originated in the US have now spread to other economies.

Talks of a global recession made headlines around the world, reinforcing the old Wall Street adage "when the US sneezes, the rest of the world catches the flu".

Emerging markets felt heavy pressure from this speculation; Argentina's Merval sank this week following its government's announcement that it needed to take over private pension plans.

Here is a recap of the major news items from this week: 1. Stock markets across the globe sold-off drastically this week as concerns which originated in the US have now spread to other economies.

Talks of a global recession made headlines around the world, reinforcing the old Wall Street adage "when the US sneezes, the rest of the world catches the flu".

Emerging markets felt heavy pressure from this speculation; Argentina's Merval sank this week following its government's announcement that it needed to take over private pension plans.

This is a recap of this week's major news on Wall Street: 1. Following weekend long discussions on Capitol Hill, Wall Street began this week with high hopes.

Politicians in Washington had finally agreed on an acceptable rescue plan for the US financial system and the vote Monday would approve the bill, averting a recession and saving the US economy... right?

Right? WRONG! The bill was presented to the US House of Representatives and promptly voted down mid-day.

This is a recap of this week's major news on Wall Street: 1. Responding to some of the most jaw-dropping corporate failures in the history of Wall Street, President Bush's administration proposed a $700 billion program that would take toxic assets off of the balance sheets of ailing companies.

The initial proposed plan would effectively clean-up balance sheets so that banks could begin lending normally soon.

In its simplest form, the program aims at shaking up credit markets across the globe, which literally were frozen for much of this week.