The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
Get used to the word "depression." You'll be hearing it a lot as the U.S. and the rest of the world weave their way through the worst economic crisis since the Great Depression.
WASHINGTON - The U.S. government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
CENTRAL CITY, Neb. (Dow Jones)--U.S. cash grain markets plunged to their lowest levels in one to two years Friday, as panic selling swept the financial sector and sparked grave concern about commodity demand destruction that could potentially result from a global economic depression.