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WASHINGTON – An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.
The stock market's amazing climb, with its second-largest point gain ever, was a welcome burst of good news for a nation suffering big job losses and seemingly tumbling into a painful recession.
Consumer pessimism reached record levels in October amid rising unemployment, plunging home prices and shrinking retirement and investment accounts. The Conference Board, a private research group, said consumer confidence fell to its lowest point since it began tracking consumer sentiment in 1967.
Hoping to thaw the credit freeze that has chilled the economy, the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.
Originally posted by princeofpeace
Ive seen nothing but complaints on here and everywhere else since this crisis began. Nothing but armchair quarterbacking at best.
Lets try something different for all the brilliant minds on here:
Post YOUR solutions to this crisis on here and lets have some fun and poke some holes in some theories. =)
Originally posted by nj2day
I'm still a little confused on how the solution to a credit fueled economic meltdown is going to be.... more credit....