 |
         
|
"It is kind of in between your classic bear market that tends to be sort of torture over an extended period of time and the kind of environment we had in 1987 when we had a crash, which all happened in one day," was the cold comfort provided by Liz Ann Sonders, investment strategist for the brokerage Charles Schwab, when she was interviewed by ABC anchor Charles Gibson (embargoed link). "It is unbelievably trying," she complained.
"Freefall, in a fast and furious plunge," was how CNBC's Maria Bartiromo characterized the selloff on NBC. CBS' Anthony Mason chose a "breathtaking nose dive" to dramatize the market action. ABC's Dan Harris heard "sudden, soul deadening drops" as mutual fund managers sold stocks late in the day "in order to have enough cash to pay investors who are dropping out of the market."
NBC turned to John Yang at the White House to cover the political reaction to the financial crisis. "Everything they have done so far, or everything they have even talked about doing, has…gotten a big thumbs down from the markets." ABC's Harris counted President George Bush's attempts at reassurance. He has "spoken publicly about a dozen times since the bailout plan first surfaced. Most of those times the market has gone down." Nationalization may be next, CBS' Mason suggested: "The Treasury Department is now considering taking ownership stakes in many major US banks to unlock credit markets."
All three financial correspondents pointed to the price of General Motors' stock. The automotive manufacturer is now worth less than its value in 1950. This turns out to be your grandfather's Oldsmobile.
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
