Tuesday, August 28, 2007

Article/News bit of the week: Panic on Wall street

I found this article yesterday on CNNMoney.com. The aritcle is entitled - Panic on Wall Street: A brief history of fear.

It talks in detail about prior stock market messes & panics.

One interesting excerpt of this article is:

"Before it became known as the Great Crash, it was, for a few days, the Panic of 1929. Weeks of volatility accelerated into a free fall on Black Thursday. Once again a rescue effort was organized by private bankers at the corner, who made conspicuous buys of blue-chip stocks, but its effects were short lived."

Hopefully, America is only headed towards a short recession and not a prolonged depression. Although, the more I read the more Likely a depression seems possible.

I personally nominate Warren Buffett & Alan Greenspan as Federal Reserve Co-Chairmen. Not that Bernanke doesn't know what he's doing but, I think Buffett & Greenspan can definitely keep the markets from getting 'nervous'.

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