Friday, October 03, 2008
Oct 2 Events Financially....(short summary.)
The Market dumped, as the UnEmployment News Came in...( the market dropped 364).There are some reports about Wachovia that are concerning....The total of Jobs lost since January, 759,000, and more than 159,000 this last quarter, the summer.This only reflects a piece of the Job Losses, but also does not address total Loss, Nationwide the numbers are 6.1%, but here in Ohio and in many states it is 7.2.
[[ More On Wachovia from Skippy :::wachovia corp curbed access to a $9.3 billion investment fund used by more than 900 colleges to pay salaries, maintenance and other expenses and said it plans to sell the portfolio by the end of the year. - bloomberg colleges scramble as fund is frozen. some 1,000 schools find it may take years to recover money placed with wachovia. - wsj]]
I found this amazing UK article comparing and contrasting these times to the Great Depression... it is sobering and worth a read.
Wachovia purchased by Wells Fargo first reports coming in from LA Times after MN on Oct3rd..