Daily Financial Crisis Recap End of Day 21.10.08

OPEC member countries are freaking out because of the low oil prices. I’m happy.

Sarkozy proposes nationalized wealth funds to protect key industries from market volatility. Germany hates it alreayd, but Italy is busy passing legislation to enact this. Argentina nationalizes $30 billion in public pensions. Markets promptly responded by going down by 13%.

Canada cuts its key interest rate and signals that more cuts are coming up.

Three large regional banks reported losses.

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Relevant Posts (check out the finance category for more)

Author: range

I'm mathematician/IT strategist/blogger from Canada living in Taipei.

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