Kiplinger’s has put together a list of 10 things that you, fair consumer, can expect from our new post-wall-street-apocalypse economy. Should you be scared? Maybe.
wall street meltdown
American Express Randomly Cut My Credit Limit From $25,000 to $1,800
By 9.29.08
Reader Pierre is a small business owner who has an American Express Business Account that used to have a $25,000 limit, but has now been cut to $1,800. He says his company’s bill is usually around $12,000 a month, and it is always paid in full — on time. While Pierre is clearly upset with American Express, the Wall Street Journal says that all banks are cutting access to credit.
By 9.29.08
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Dow industrials fell 700 on fears bailout package vote would fail, but later recovered to a loss of about 400. Right now the “Nays” are winning, but the voting is still open, and arms are apparently still being twisted and anything could happen. No bailout. The House defeats the bill on the $700 billion rescue plan 228-205.[WSJ]
WaMu Says, "Take A Picture It Lasts Longer…"
By 9.29.08
Reader Steve says this photo was taken at the Austin City Limits Festival on the same day that WaMu was seized by federal regulators — making it not only funny, but extremely accurate.
Lehman Brothers Headquarters Is Now The Barclays Capital Building
By 9.26.08
Times are changing. Flickr pool member jamesmarino alerts us to the fact that the Lehman Brothers headquarters in Times Square is now broadcasting its new ownership.
Treasury Says It Will Agree To Cap Wall Street Executive Pay
By 9.24.08
One of the major sticking points of the inevitable Wall Street bailout was executive pay — but the New York Times says that Treasury Secretary and former CEO of Goldman Sachs, Henry M. Paulson Jr., has agreed to compensation caps for the executives of firms that benefit from the bailout.
