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COMMENTS: Haircut
NBC's Mike Taibbi reported from Wall Street that the holiday for Martin Luther King was fortuitous since it kept the New York Stock Exchange from participating in the selloff of stocks seen in China, India and Europe. CBS' Richard Roth called it a "global nosedive." ABC's Betsy Stark found investors worried that neither President George Bush nor Chairman Benjamin Bernanke "have enough weapons in their arsenal to keep the world's largest economy out of recession." In a typical recession, Stark calculated, the value of financial assets usually falls by between 20% and 25%; so far Wall Street prices have declined 14% from their peak. "So you can do the math."
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