White House unsure of next steps: spokesman
By Daniel at 29 September, 2008, 3:00 pm
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Stocks were already sharply lower as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of billions of dollars more into the financial system.
The meltdown intensified as U.S. lawmakers voted on a $700 billion financial rescue plan that some were already saying would not be enough to prevent a full-scale financial crisis in many major countries.
“The Fed and other central banks are responding to the freezing up of liquidity around the world. The actions, however, don’t seem to be ameliorating any of those fears yet. Indeed, equities are plunging further,” said analysts at Action Economics.
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