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Treasury Secretary Henry Paulson turned to his former Wall Street firm, Goldman Sachs, when he picked a director to oversee the Troubled Assets Relief Program and the newly created Office of Financial Stability.

Financial markets took a bleak view of the future in Monday (10/6/08), losing confidence in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief.

The Federal Reserve announced Monday (10/6/08) that it will make hundreds of billions more dollars available to the nation’s banks in return for a wide range of troubled collateral. The central bank said that its so-called term auction facility, which accepts financial instruments such as mortgage-backed

Stocks plunged on Monday (10/6/08) open after a deepening financial crisis in Europe heightened worries about a global economic slowdown. European stocks tumbled, sending the Dow Jones Stoxx 600 Index to its steepest drop since 1987, as the yearlong credit market seizure caused bank bailouts to spread and crude’s slump dragged down commodities producers.

Let’s be clear: This is a Wall Street crisis, not a national economic crisis. The overall economy, while a bit weak, is still growing. Some politicians are comparing the current environment to the Great Depression.

Shortly after the House passed the bailout bill, credit markets tightened on fears that the plan won’t be enough to help the failing economy. The credit markets finally got a bailout bill, but the stranglehold hasn’t let up - a troubling sign that lenders and investors believe the package will only

In making his push to administer the largest federal bailout of Wall Street in history, Treasury Secretary Henry Paulson is seeking unfettered authority. McClatchy poses the question, “Can you trust a Wall Street veteran with a Wall Street bailout?,” referring to Paulson, the former CEO of Goldman Sachs: But the conflicts are also visible.

Wachovia said Friday (10/3/08) it agreed to be acquired by San Francisco-based Wells Fargo & Co. in a $15.1 billion all-stock deal, trumping rival suitor Citigroup’s plan to acquire Wachovia’s banking operations.

This time last week, the biggest bailout in the history of the world seemed to be a fait accompli.  Last weekend, the Fed Chairman and the Secretary of the Treasury had harsh words of doom and gloom for Congressional leaders, with the rest of the administration parroting along, and by last Monday it

The $700 billion rescue plan just approved by the U.S. Senate won’t fix the core problem with the nation’s ailing financial institutions. And it almost guarantees that you and I will have to pony up for an even costlier bailout that the House of Representatives passed on Friday (10/3/08).