Daily Financial Crisis Recap 30.10.2008

Consumers are already feeling the next crisis, the credit card crunch. It’s normal. In North America, people live beyond their means thanks to credit cards. That’s how people accumulate thousands of dollars of bad debt.

The money is disappearing out of AIG. Analysts wonder where the $123 billion went.

The biggest portion of the Fed loan is apparently being used as collateral for A.I.G.’s derivatives contracts, including credit-default swaps.

Doesn’t sound good. That and exec pay. However, they were asked by Cuomo to halt any bonuses or exec compensation

The economy is showing signs of a slowdown. No shit. It’s at the lowest it has been 17 years. The Dow was up thanks to a report on the economy. It finished at 9,180.69, a gain of 189.73 or 2.11%. This morning, stocks are up as well. The Fed lowered its key interest rate by half a percentage point. Taiwan and a few other Asian countries followed suit.

Japan plans to invest $51 billion into their economy.

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