More on the Financial Situation
Despite the House eventually passing a bailout bill, the stock market has continued to decline, not just in the U.S., but globally. European officials are now meeting to discuss possible financial plans, including more than doubling the bank deposit guarantee. In the mean time, there is a lot of discussion as to what effect this will have on us. The 700 billion dollars meant to steady the U.S. economy now looks pretty small compared to the financial panic that seems to be striking most of the world. Banks and other financial institutions are just beginning take steps to make things work, including a worldwide bank rate cut, so the next few weeks are going to be critical to the future economic landscape. Remember that one good place to watch the progress is the Times Topic for the financial crisis.