Yen Gains as Washington’s Rescue Plan Stalls
After losing ground to the dollar for four days as a bank bail-out plan seemed imminent, news late last night that the tentative deal had fallen through gave the yen a boost in early trading.
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Experts Advise Shorting Euro
As confidence in the eurozone falters – particularly with regards to the German economy – analysts predict that the euro will fall sharply against the dollar.
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UK Property Values Continue to Fall
Housing reports show a 1.9% decline in UK property values – this brings the total reduction for the year to 4.6%.
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Washington Mutual Fails as Bad Debt Soars
Even if Congress finally passes the controversial $700 trillion rescue plan it will be too late to save Washington Mutual which was forced to shut down late Thursday. With over $300 billion in assets, it becomes the largest bank failure in U.S. history.
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Republicans Blamed for Scuttling Rescue Plan
Rep. Barney Frank – Chair of the House Financial Services Committee – claims Republican in-fighting caused the tentative deal reached on Thursday to fail.
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