The U.S. is in the most serious financial crisis in generations. The troubles on Wall Street are a major threat to the U.S. economy; and this economy is going from bad to worse. http://au.youtube.com/watch?v=wnUu9vQJi1c Markets Plunge despite Hint of Rate Cut. Stocks plunged on Thursday afternoon — shedding 270 points in the final hour of trading alone — despite reassurances from the chairman of the Federal Reserve, Ben S. Bernanke, which the central bank was prepared to lower interest rates, words that many investors had said they were waiting to hear. “You are getting all the things that you would think the equity markets would respond very favourably to,” Steve Sachs, director of trading at Rydex Investments, said. “But at this point it just doesn’t seem to be doing it. It’s the attitude of “Sell” — regardless of what the news is..” Tuesday’s declines bring the losses of the last two weeks to staggering levels. The S.& P. has lost more than 17 percent in just two weeks. The declines came even as Mr. Bernanke strongly hinted that the Fed would lower interest rates this month in the face of a worsening outlook for the economy and financial markets. His remarks came as lending markets remained frozen and borrowing costs ticked up overnight, a day after cascading losses in stock exchanges around the world.“Nobody trusts anybody right now,” said Ryan Detrick, an analyst at Schaeffer’s Investment Research. “No one’s lending to each other..”
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