Banks rush to do deals as Wall St crisis deepens

Source: (Reuters)

Wed Sep 17, 2008 8:29pm EDT

NEW YORK (Reuters) - Wall Street's manic dealmaking reached a new pitch on Wednesday as U.S. share prices plummeted to three-year lows and forced increasingly desperate major banks to scramble for merger partners.

With the financial landscape undergoing its most dramatic transformation since the Great Depression, news emerged of takeovers involving No. 2 U.S. investment bank Morgan Stanley, weakened top U.S. savings bank Washington Mutual and major UK mortgage lender HBOS.

New distress signals had popped up earlier. The cost of borrowing overnight dollars spiked above 10 percent, indicating a deep lack of trust in the interbank lending market.

U.S. authorities already have spent $900 billion to prop up the financial system and housing market. Authorities may get much of that money back -- if asset prices do not slide further.

Read more: http://www.reuters.com/article/topNews/idUSHKG1567720080918

before it's too late (i.e. Friday).

to the treasury or did we just rip up 900 billion dollars to prop up business' that will probably eventually be sold to china or india or some other growing economy at our loss and their gain?

McCain Voted for Bush’s 2006 Social Security Privatization Plan. In 2006, McCain voted for the Social Security Reserve Fund. The proposal would shift Social Security’s annual surpluses into a reserve account that would be converted into risky private accounts.

BECAUSE THAT IS ALL YOU WILL HAVE IN YOUR BANK ACCOUNT AFTER HIS PARTY RAPES IT

....proping up these pricks on wall street and start helping the people on main street....it's our money, we should take care of ourselves first....

"...U.S. authorities already have spent $900 billion to prop up the financial system..."

....let's start with a two year Foreclosure Moratorium along with offering long-term interest-free government loans to help those with homes refinance and/or make their mortgage payments....

....landlords in similar situations would also qualify if they passed the savings on to their renters....

....and let's put the blame for this economic catastrophe squarely wear it belongs, the crooked Republican Party....can they govern the private sector? two words: wall street....can they govern the public sector? two words: New Orleans....hey, let's privatize Social Security!

....what do you think of this Republican financial mess, johnny?....I now hear you want to clean-up and regulate the greed on wall street after 26 years of doing nothing, looking the other way....

....but be careful johnny, these are your angry Republican buds, financiers and masters....they're not going to appreciate you talking like a Democrat....