Top Items:
Paul Krugman / New York Times:
Financial Russian Roulette — Will the U.S. financial system collapse today, or maybe over the next few days? I don't think so — but I'm nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next.
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Board of Governors of the Federal Reserve System:
For immediate release — The Federal Reserve Board on Sunday announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities. — “In close collaboration with the Treasury and the Securities and Exchange Commission …
Discussion:
Newshoggers.com, Financial Times, DealBook, PrestoPundit, Money & Company and Calculated Risk
Wall Street Journal:
AIG Scrambles to Raise Cash, Talks to Fed — Insurer Looks to Sell Automotive Business, Annuities Unit; — It Seeks $10 Billion in Fresh Capital as Downgrade Threatens — Insurer American International Group Inc., succumbing to relentless investor pressure that drove its shares down 31% …
Discussion:
Real Time Economics, American Street, Brilliant at Breakfast, naked capitalism and Calculated Risk
Mike Allen / The Politico:
Bank meltdown wallops campaigns — America's banking instability could upend the final 50 days of the presidential campaign, with both candidates forced to confront a calamity that has gotten only glancing attention during the first 20 months of the race for the White House.
DealBook:
A.I.G. Seeks $40 Billion in Fed Aid to Survive — The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night.
Discussion:
ECHIDNE OF THE SNAKES, Dealbreaker, Calculated Risk, naked capitalism, Eschaton and Jack & Jill Politics
Howard Wolfson / The Flack:
It's 3am on Wall Street — During the primary the Clinton campaign posited the idea that a President would face a 3am call on the economy. It looks like one of those 3am calls came this weekend as the government made the decision to let Lehman Brothers go bankrupt rather than bail the firm out.
Wall Street Journal:
Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash — Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets; — Moves Cap a Momentous Weekend for American Finance — NEW YORK — The American financial system was shaken to its core on Sunday.
DealBook:
Lehman Expected to File for Bankruptcy Protection — According to people briefed on the matter, Lehman Brothers will file for bankruptcy protection on Sunday night, in the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago.
Discussion:
Firedoglake, Conglomerate, The Big Picture, Economist's View, Washington Monthly, naked capitalism, Dealbreaker and Whiskey Fire
Wall Street Journal:
Bank of America Reaches Deal for Merrill — In a rushed bid to ride out the storm sweeping American finance, 94-year-old Merrill Lynch & Co. agreed late Sunday to sell itself to Bank of America Corp. for roughly $44 billion. — The deal, which was being worked out in 48 hours of frenetic negotiating …
Discussion:
Dealbreaker, The Big Picture, Truthdig, naked capitalism, Firedoglake, The Agonist, Angry Bear, DealBook and Calculated Risk
L.L. Brasier / Detroit Free Press:
Bad voter applications found — Clerks see fraudulent, duplicate forms from group — Several municipal clerks across the state are reporting fraudulent and duplicate voter registration applications, most of them from a nationwide community activist group working to help low- and moderate-income families.
Discussion:
Doug Ross, Betsy's Page, Gateway Pundit, Wake up America, Sweetness & Light and Riehl World View
Andy Ostroy / The Huffington Post:
Why Replacing Biden With Hillary Makes Perfect Sense for Obama — Sen. Joe Biden's a perfectly appropriate vice presidential running-mate for Sen. Barack Obama. He's got 36 years of Senate experience, is a true intellect, a foreign policy expert, and a genuinely nice guy.
Lisa Lerer / The Politico:
Palin hit hard on the Sunday shows — Palin-mania continued to dominate the conversation on the Sunday morning talk shows, as Democrats slammed Republican vice presidential nominee Sarah Palin for distorting her record in ads and on the campaign trail. — The attacks came in the midst …
Jazz Shaw / The Moderate Voice:
Sarah Palin and the full “Dairygate” Timeline — I need to thank alert reader Lee Indiana for pointing me to what is now, unfortunately, being called “Dairygate” in some circles and setting me off on a morning's expedition with The Google. Even if you are already aware of the strange goings …
Jeffrey Goldberg:
About that McCain Photo — Like others at the Atlantic, I was appalled to read about the actions of Jill Greenberg, the freelance photographer who took the cover portrait that illustrates my article about John McCain. Greenberg doctored photographs of McCain she took during her Atlantic-arranged shoot …
Gordon Smith / Conglomerate:
Monday? — This news about Lehman and AIG and Merrill is all more than a bit disorienting. “Chaos” is the word of the day in news reports. — What is going to happen on Monday? — Some people are talking about a massive sell-off of securities, but the early activity in Australia does not suggest historic movement.
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