"Recession" fears hammer global markets. FEARS? (CNBC) (NY) Or maybe it's just shaky or "wobbly?" UGH!A district court judge sets a hearing concerning Citi's "exclusivity agreement" with Wachovia. Over the weekend, Citi acquired an injunction to halt negotiations between Wells Fargo and Wachovia. Wells Fargo's bid is a straight-forward purchase of Wachovia with no government assurances. Citi's bid only buys the banking operations and then the government buys a big hunk of the debt. That is in simplistic terms and economics is definitely not my strong suit, but which bid sounds better for the taxpayers? See AB's comment below for more and this Washington Post article. Yay for Shaker Economy Wonks!As I compile these, the Dow is down over 380 pts and below 10,000. CRIKES! It is returning to 1999 levels. Update:-547 as of 10:45 am. I am not feeling very light-hearted this morning and I am grumpy bastard in the mornings anyway, but I think today will definitely require the Hamburger Fatty Melt: a hamburger between two grilled cheese sandwiches.Obama debuts a website, Keating Economics, about McCain's involvement with the collapse of banks in the late 80s, early 90s and its significance now. I am too entranced with CNBC at the moment. Hopefully, I will be better about the morning readings tomorrow.
