So yesterday we saw a 500+ point drop in the market and todays chart looks like a see-saw. Exciting, no? No, not really. I am leaving everything as-is for now, and just not looking at my numbers at all. Perusing the various financial sites this morning, I figured a quick roundup of what they are saying might be in order:
Overnight Interest Rate Doubles as Banks Hoard Cash on Failure Speculation – The cost of borrowing in dollars overnight more than doubled to the highest since 2001 as the collapse of Lehman Brothers Holdings Inc. and credit downgrades of American International Group Inc. led banks to hoard cash.
AIG shares plummet as cash crisis mounts – American International Group Inc (NYSE:AIG – News) shares plummeted after the insurer’s credit ratings were cut, heightening concerns it might file for bankruptcy and further upset the global financial system.
Lehman Employees on EBay Offer Mugs, Parting Shots – Lehman Brothers Holdings Inc.’s bankruptcy, the largest in history, sent the firm’s employees to EBay Inc.’s auction sites to offer knick-knacks and memorabilia. And parting shots.
Barclays confirms interest in Lehman Bros. assets – Barclays PLC confirmed Tuesday that it is interested in acquiring some assets of Lehman Brothers, the investment bank that collapsed after Barclays dropped out of merger talks.
UBS Shares Sold on Debt, Capital Worries – UBS AG (UBS) shares slumped more than some of its rivals in early trading Tuesday, as investors factored in reports that it could book larger-than-expected third-quarter write-downs on the risky positions the bank still holds
NY Fed pumps $50B into Wall Street – Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped $50 billion into the nation’s financial system to help ease credit stresses.
So what are you guys doing? Are you moving money? Staying put? Panicking? Hiding under the table and crying? Both my Mother-in-law and my 96 year old grandmother asked my advice yesterday; you know things are bad when they know what is going on with the market!