Retirement Savings Dept: Within a week, Wall Street was unrecognizable, its marquee firms gone, swallowed or radically transformed in an effort to survive, according to Globe And Mail. There are many ways to tally the casualties of the worst financial crisis since the Great Depression: hundreds of failed banks; millions of people out of work; trillions of dollars in home values and retirement savings vaporized and the result was chaos. The Dow Jones Industrial Average tumbled 4.4 per cent in a day. By Tuesday, the bread-and-butter funds used by Americans as a substitute for bank accounts threatened to collapse. The same day, the government rescued the giant insurer American International Group, as it, too, tottered on the edge. On Wednesday, the stock market plunged again, by almost 5 per cent. By the end of September, some of the nation's largest banks had begun to crumple. As
reported in the news.
@t globe and mail, american international group
11.9.10