As the market settled from the weeks tumultous events on Sunday it was reported that a major German bank was facing financial diffulties as well.
Showing how the world economy both works and fails, investors around the world are beginning to feel the fear…….

FROM THE WALL STREET JOURNAL

Germany issued a blanket guarantee of all its consumer bank deposits
on Sunday, as a group of European countries adopted emergency measures
to shore up the Continent’s financial system against the widening
international credit crisis.

In the U.S., the Federal Reserve has taken aggressive actions in
recent weeks to try to alleviate the severe pressures weighing on
damaged short-term funding markets. New measures from the central bank
are likely in the days ahead. It is not yet clear exactly what steps
the Fed will take, but it could be aimed at commercial-paper markets,
which have been damaged by skittishness among money-market funds, a big
investor in this asset class.   Read More

Economic Crisis Leads to Worldwide Financial Meltdown

Wall Street felt the aftershocks of the economic earthquake as the blood ran in the streets and the pigs were being slaughtered while Bears fed on the market downfall. Congress didn´t help with its failed attempt to produce a bail out plan which has turned into a political battle prior to the Jewish holiday break. The plan in our estimation has to be somewhat suspect if it is being touted by President George W. Bush, accepted by Democrats,  in the face of conditions created by the lack of strong leadership from the nations capital. In a nutshell we are going to see more “corrections” and hiccups if not even loud belches as the market digests this shock to the system.

Enjoy!