The weakened economy and global credit crisis pushed the U.S. government into bailing out companies including insurer AIG, investment bank Bear Stearns, and mortgage companies Fannie Mae and Freddie Mac.
The Fed lowered the target federal-funds rate at which banks lend to each other by 0.5 percentage point to 1%.
In the first ten months of this year, the nation's employers have cut nearly 1.2 million jobs and the unemployment rate is now at 6.5 percent.
The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, according to Reuters.
We have 20,000,000 illegals wanting amnesty and taking jobs from legal Americans.
It is estimated that it will take years to get out of this mess and I'm watching the market under 8,000 as I write. When will the nightmare end?
