As It Happens

The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package -- and watch for any further fallout from the credit crisis around the globe.

With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months.

Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry.

Wachovia Corp., at the center of a fight between Wells Fargo & Co. and Citigroup Inc. over who will buy the beleaguered bank, is moving ahead with its deal to sell itself to Wells Fargo -- while questions arise about the damaging effects that prolonged litigation might have on Wachovia.

Germany became the latest country to move to allay fears about the financial meltdown, enhancing a rescue plan for Hypo Real Estate AG and guaranteeing private bank accounts as European governments scrambled on their own Sunday to save failing banks.

Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euro bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis.

Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan.

Washington's financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right?

The idea of paying a single, simple fare to fly on an airliner is becoming as quaint as stewardesses in short skirts. American Airlines is about to accelerate the trend of breaking the cost of a trip into an airfare plus many smaller fees.

CTV.ca
Local reaction mixed to bailout
Columbia Daily Herald - 50 minutes ago
By D. FRANK SMITH/dfsmith@c-dh.net Opinions on Main Street were mixed after the approval of a controversial $700-billion bailout plan for Wall Street.
Video: Bush Pledges to Quickly Sign Bailout Bill AssociatedPress
House Reverses Field, Votes 'Yes' on Bailout BusinessWeek
Washington Post - BBC News - New York Times - InvestmentNews
all 2,018 news articles

BBC News
Hypo Real Gets EU50 Billion Government-Led Bailout (Update1)
Bloomberg - 1 hour ago
By Brian Parkin and Oliver Suess Oct. 6 (Bloomberg) -- The German government and the country's banks and insurers agreed on a 50 billion euro ($68 billion) rescue package for commercial property lender Hypo Real Estate Holding AG after an earlier ...
Germany moves to rescue Hypo Real Estate - report MarketWatch
German govt, banks agree on Hypo Real Estate rescue Reuters
TheStreet.com - SunHerald.com - Voice of America
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Thanh Nien Daily
UPDATE 1-ECB's Nowotny sees reasons for more expansive policy
Reuters - 1 hour ago
VIENNA, Oct 5 (Reuters) - European Central Bank Governing Council member Ewald Nowotny said on Sunday that falling inflation and a slowdown in growth were reasons for the ECB to think about a more expansive monetary policy.
Video: JC Trichet - ECB: no US-style bailout plan for Europe france24english
Prospect Fades for Joint EU Bank Bailout BusinessWeek
Forbes - guardian.co.uk - Economist - MarketWatch
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Wachovia, Citigroup in Federal Court Over Wells Bid (Update1)
Bloomberg - 1 hour ago
By Patricia Hurtado and David Glovin Oct. 5 (Bloomberg) -- Wachovia Corp. asked a federal judge to let a takeover offer from Wells Fargo & Co.
Video: Wachovia Calls Order Blocking Sale 'invalid' AssociatedPress
UPDATE 6-Wachovia pursues Wells Fargo deal, Citi intervenes Reuters
Wall Street Journal - Seeking Alpha - The Associated Press - Money Morning
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New York Times
Sinking feeling as fall in US jobs spreads
Financial Times - 2 hours ago
By James Politi in Washington JPMorgan economists have compared the US labour market with a boat sailing through rough seas over the past few months.
Video: Economy Sheds Most Jobs Since 2003 AssociatedPress
159000 Jobs Lost in September, the Worst Month in Five Years New York Times
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Ars Technica
WiMax Boosters See Opportunity in the Air
PC World - 3 hours ago
Looking at the state of broadband Internet access globally, the WiMax Forum believes it is sitting pretty. In general numbers, out of 6 billion people on Earth, about 3 billion now use mobile phones and a billion or so are connected to the Internet.
WiMax launch in Baltimore provides momentum for Sprint Kansas City Star
WiMax Pushes Out Of The Nest In Baltimore Multichannel News
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Enews 2.0
Debt relief for woman, 90, who shot herself to escape eviction
The Standard - 3 hours ago
Mortgage finance giant Fannie Mae says it will write off the debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies tried to evict her.
90-Year-Old Facing EvictionTries To Commit Suicide NBC13.com
Fannie Mae won't foreclose on Ohioan who shot self WTTE
ireport - Reuters
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KazMunaiGas To Develop N Block With ConocoPhillips, Mubadala
CNNMoney.com - 5 hours ago
ALMATY, Kazakhstan -(Dow Jones)- Kazakh state oil and gas company KazMunaiGas, or KMG, said Sunday it has signed a memorandum of understanding with ConocoPhillips (COP) and Mubadala Development Company for joint exploration and production of the N ...
UAE's Mubadala, Conoco agree Kazakh deal Reuters
ConocoPhillips, Abu Dhabi win Kazakh oil rights International Herald Tribune
GulfNews
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Reuters
Lehman's Fuld to testify at congressional hearing
Reuters - 5 hours ago
By Bill Berkrot NEW YORK (Reuters) - Disgraced CEO Richard Fuld, who oversaw the demise of venerable Lehman Brothers Holdings Inc that helped tip the credit crunch into a full-blown crisis, will testify at a congressional hearing this week.
Lehman CEO Fuld to testify at House hearing MarketWatch
Fuld May Blame Confidence Crisis for Lehman's Fall at Hearing Bloomberg
CNNMoney.com - Financial Times (subscription)
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Sky News
Dubai aims to top its own world's tallest tower
International Herald Tribune - 7 hours ago
AP DUBAI, United Arab Emirates: With its world's tallest building nearing completion, Dubai said Sunday it is embarking on an even more ambitious skyscraper: one that will soar more than a kilometer into the air.
Dubai now aims for kilometre-tall tower AFP
Dubai real estate developer to build world's tallest building Xinhua
Gulf Daily News - Metro - Khaleej Times - GulfNews
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Boston Globe
Taiwan Regulator Says AIG's Units Have Sound Fundamentals
CNNMoney.com - 7 hours ago
TAIPEI -(Dow Jones)- Taiwan's Financial Supervisory Commission said late Sunday the three investment units of American International Group Inc. (AIG) on the island have sound fundamentals, but it will monitor their operations closely.
AIG puts many businesses up for sale to repay Fed MarketWatch
AIG Decides Its Too Big To Succeed Forbes
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