financial crisis Archives - Media City Groove

Thursday, October 9, 2008

By Fronnie Lewis Thursday, October 9, 2008

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AIG gets $37.8 billion more in federal money

Some of us are still getting over the $85 billion bailout insurance conglomerate AIG got from the federal government a few weeks ago. Now comes word AIG is getting billions more in federal money. You’d think the company would have sold off some of its vast assets before coming back to the bailout well again, but no. Yesterday it was announced, the New York Federal Reserve is lending […]

Wednesday, October 8, 2008

By Fronnie Lewis Wednesday, October 8, 2008

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AIG executives living large after company gets a bailout

Details coming out of a Washington hearing about the shameless conduct of executives at yet another corporation at the center of the financial meltdown. On Tuesday, the second day of the House Oversight Committee’s investigation into what went wrong, ex-CEOs Martin Sullivan and Robert Willumstad from American International Group went before congressional leaders to make their excuses, cop pleas, and blame anything and anyone […]

Tuesday, October 7, 2008

By Fronnie Lewis Tuesday, October 7, 2008

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The bad economy: the victims and the victors

The $700-plus billion bailout was supposed to ease investors’ fears. Many Americans are still jittery about the ailing economy; and apparently a lot of players in the financial markets around the world are feeling the same way. Yesterday, the Dow Jones plunged 800 points — the most ever in one day— before recovering somewhat, closing down 370 points, but below 10,000 […]

Tuesday, September 30, 2008

By Fronnie Lewis Tuesday, September 30, 2008

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The Wall Street meltdown fuels hot book deals

The stock market rallied several hundred points today, after yesterday’s historic plunge on Wall Street. Monday, stocks dropped 778 points or 7 percent. The biggest point loss ever. Also, the biggest percentage loss since September 17, 2001, the first day of trading after the deadly September 11 terrorist attacks. The meltdown started when it became clear the highly touted $700 billion financial bailout for […]

Thursday, September 25, 2008

By Fronnie Lewis Thursday, September 25, 2008

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“We’re in the midst of a serious financial crisis”

In Washington today lawmakers are scrambling to come up with a solution to the nation’s financial mess. Last night, President Bush gave a nationwide speech and confirmed what the experts and his advisors have been saying all week –the economy is in deep, deep trouble. Right at the beginning, the president admitted “… we’re in the midst of a serious financial […]