Week of October 8, 2008
Financial crisis - The Dow plunges 678.91 points or 7.3% to close at 8,579.19,
its lowest level since May 2003.
Treasury Secretary Henry Paulson says that the government would buy direct
stakes in banks and other financial institutions for the first time since the Great
Depression.
Barack Obama had $77 million in coin as of August 31 and could raise tens of
millions more by Election Day.
Strategic shift - The Bush administration decides to pour at least 4250 billion
directly into major banks and expand federal insurance protection to encourage
financial institutions to resume lending to one another.
European leaders agree on a coordinated rescue plan to guarantee inter-bank
lending, inject cash into the banking sector and other measures.
Debate in Nashville - John
McCain and Barack
Obama
clash over the economy and the
fortunes on Wall Street,
French author Jean-Marie
Gustave Le Clezio - wins the
Nobel Prize in literature.
Linens ‘n Things - the house
wares retailer now in
bankruptcy - proposes rapidly
closing its remaining stores and
liquidating merchandise to beat
a potential wave of retail failures before the holiday season.
Technology -
Google introduces technology to insert commercial spots into online video
games. It’s working with game makers and advertisers to test the system.
Business -
Billionaire Sumner Redstone’s National Amusements Inc says it has sold $233
million worth of stock in Viacom Inc and CBS Corp. to raise cash to comply with
debt covenants.
