Banks seen offering plan to restore confidence

Sunday, September 14, 2008, 11:13 PM

Oh, man.  After posting that prior article below, I was waiting for the right article to appear to post next.

Here it is, served up on a platter:


NEW YORK (AP) -- As the outlook for Lehman Brothers dimmed Sunday, U.S. and foreign banks were pressed to create a plan aimed at inoculating the global financial system against the investment bank's failure, a top investment banking official said.

Banks were in tense talks to create a pool of money worth up to $100 billion to lend troubled financial companies, the official said on condition of anonymity because the discussions were ongoing. And officials at the U.S. Treasury and the Federal Reserve were expected to announce they are prepared to be more generous in the Fed's emergency lending program for commercial and investment banks.

Link to article

As of right now, world markets and futures are in pretty steep melt-down mode.

At 12:20 a.m. (EST), I see S&P futures down 43 and Dow futures down 333 points.  Ouch.

The Plunge Protection Team has its work cut out tonight.  Of course, they do their best work beginning at 3:00 am, so it's still too early to tell what sort of power they've got over this situation.

Gold is up $20+ and silver is up 20 odd cents because the dollar (USD) is down 0.47.

We'll see what tomorrow brings.

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