The Crisis - One Year Later

The Financial Crisis: This Day—One Year Ago, Sept. 26, 2008

Stagnation adds to fear Friday.

US stock markets open lower on two sobering developments: a meeting at the White House with key lawmakers, including presidential candidates John McCain and Barack Obama, ends without agreement on the $700 billion financial rescue plan; the U.S. shuts down Washington Mutual, America's biggest savings and loan, wiping out its stock. JPMorgan Chase snaps up WaMu's assets and deposits for $1.9 billion.

This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage

"This is probably the most chaotic situation I have ever've got law makers playing Russian Roulette with the entire economy," Jack Bouroudjian, chairman of Capital Market Technologies, tells CNBC.

The bailout stalemate takes its toll, as shares of Wachovia and National City tumble on worries about heavy mortgage losses, despite each firm having other, profitable businesses.

What You Were Reading:  

Freddie Mac says its investment portfolio fell sharply in August prior to its takeover by the US government in early September.

The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage

Friday's stock trading ends on a surprise note: After starting the day down more than 100 points, the Dow

finishes up more than 1 percent at 11140.26, as traders pile in to JPMorgan Chase , Bank of America, American Express and Citigroup. The
S&P 500