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Showing posts from October 13, 2008

Washington awaits Wall St response

Business Times - 14 Oct 2008
The week-long sell-off suggests the moves taken by Washington had failed to build the necessary investor confidence

By LEON HADAR
WASHINGTON CORRESPONDENT

AFTER a week of pandemonium in the financial markets that ended on Friday, Wall Street is taking a three-day weekend break. (Monday is Columbus Day public holiday.) That has provided an opportunity for finance officials from the world's top economic powers, who gathered in Washington, to look for ways to restore the confidence of the world's investors to bring an end to the financial turmoil and to prevent an economic recession from turning into a global depression.

The financial leaders were in Washington for meetings of the World Bank and the International Monetary Fund (IMF).

The week-long sell-off on Wall Street suggested that the dramatic moves that were taken by Washington over the week - giving credit markets a boost by buying short-term loans; the announcement by the Federal Reserve that it…