Word: wednesday
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...That's what's behind yet another day of bloodshed on Wall Street, where the market lost 678 points, or 7.33%, in panicky late trading on Thursday. It's also what's behind yet another financial jack-in-the-box move by Henry Paulson at Treasury, who hinted on Wednesday that he was considering using part of the massive $700 billion bailout package approved by Congress to directly buy stakes in banks - after having dismissed the idea less than a week before...
...press conference on Wednesday, Paulson suggested that he was about to expand his tool kit. "It is the policy of the Federal Government to use all resources at its disposal to make our financial system stronger," he said. "We will use all of the tools we've been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size." Put another way, a senior Administration official says, the $700 billion is "for everyone; it's for everything: buying assets, insuring assets or purchasing equity, the biggest to smallest...
...lend to each other - let alone businesses and municipalities, since they're worried about who could go under next. The initial market reaction to Paulson's speech was something on the order of: "Holy [expletive deleted], we must really be in trouble." The market cratered when it heard on Wednesday, losing nearly 190 points on the Dow after trading in the black for most of the day. It tanked again on Thursday...
...wake of being put on watch for a possible credit-rating downgrade, signaling that the broader economy is on much shakier ground than everyone thought. Or could it even have been the much vilified short-sellers of financial stocks, back in the market after a 14-day ban expired Wednesday at midnight...
...republic may be the next victim of Moscow's efforts to squelch plucky little democracies on its doorstep. McCain urges that the U.S. respond by doing whatever it can to speed Ukraine's accession to membership in NATO. But Ukrainian democracy has a way of muddying the picture. On Wednesday, President Viktor Yushchenko, a strong U.S. ally and champion of NATO membership, called a snap parliamentary election, following the collapse of his ruling coalition last month. Questions of the country's future relationship with Russia and the West remain contested in Ukraine's political maneuvering, but it was not manipulation...