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The Financial Crisis: This Day—One Year Ago, Sept. 4
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White knights are hard to nail down as the savvy start hedging their bets and bear season arrives on Wall Street.
Speculation over Lehman Brothers' [LEHMQ
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] future continues to mount, with many betting on HSBC as a possible bidder. The rumor-mongering, however, apparently goes too far, as Mitsubishi UFJ Financial Group rejects outright a media report that it's considering buying a stake in Lehman.
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Pimco founder and co-CIO Bill Gross declares that the US government must give the Treasury power to buy debt and other assets to stave off a financial crisis.
Gross warns that he and other big investors will avoid buying bank debt until Treasury Secretary Henry Paulson injects some $400 billion to $500 billion into the financial system.
But Gross tells CNBC that Pimco will still consider taking on debt from Fannie Mae [FNM
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] and Freddie Mac [FRE
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]. (Why? Watch full Gross interview—and debate with Jim Cramer—below.)
What You Were Reading:
- Gasparino: Bear Failure Could've Sunk Lehman, Merrill
- The Palin Effect: Insiders Grade McCain's VP Pick
- Chartology: Are Banks Still Broken?
Alaska Gov. Sarah Palin, named John McCain's presidential running mate, addresses the Republican National Convention on Sept. 3 and Rep. Adam Putnam (R-Fla.) tells CNBC why Palin has "a unique understanding of our energy needs" at a critical time. (See Putnam interview, below.)
The dollar hits its highest level against the euro this year—again—after the European Central Bank cut its outlook for euro-zone growth
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Investors ignore that positive factor and instead focus on glum weekly jobless claims data, showing a gain of 15,000 in the most recent week, snapping three-weeks of improvement.
The Dow tumbles 344.65, or 3 percent, to close at 11188.23. The S&P 500 also sheds 3 percent, while the tech-heavy Nasdaq loses 3.2 percent. All three major indexes are now more than 20 percent below their October 2007 highs:
What the Experts Were Saying:
| Bill Gross, founder of Pimco, analyzes financials and debates the markets with Mad Money's Jim Cramer. | |
| JPMorgan Chase faces issues with sales of credit default swaps and derivatives to local governments. Mary Thompson reports. | |
Rep. Adam Putnam (R-Fla.), Republican Conference Chairman, touts Sarah Palin's understanding of the energy industry and the U.S. economy's needs. |
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
Data is a real-time snapshot *Data is delayed at least 15 minutes
