Word: wellses
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The damage had been mounting so swiftly that in the midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it...
The weekend tug-of-war was a reminder that Washington has all sorts of agencies that hum along unnoticed in good times but can become pivotal in a crisis. When that happens, the real fighting begins. In this case, the war between small depositors who have managed their money carefully...
Citigroup lost its bid to merge with faltering bank Wachovia to Wells Fargo last week. The company will be one of the nine major banks to receive an injection of federal funds as part of the Bush administration’s $250-billion plan to rescue frozen credit markets.
So maybe it's not time to get out the champagne quite yet. Instead, you might keep in mind that one characteristic of such a volatile market is that news, good or bad, gets amplified - and that there will be plenty of news to digest the rest of the week...
• He attended public school before receiving degrees from Yale (B.A. in 1973) and M.I.T (Ph.D in 1977). In 1976 he briefly worked for the central bank of Portugal as part of his doctoral coursework • Married to economist Robin Wells