10/9 WaPo: Financial Crisis Looms
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A Pretty Ugly Day.... we're in for a deep and long recession, something we've not seen in three decades. Before market opens, Paulson signals US may invest in lenders as part of 0 billion rescue; Bernake, Paulson seek global help as credit crisis defeats US efforts. Global markets lurch in crisis. Can a unified approach to fighting the world financial crisis be reached?U.S. action so far is unprecedented in scale since the Great Depression. In the past five weeks alone, the government has taken over mortgage-finance firms Fannie Mae and Freddie Mac, rescued insurer American International Group Inc., backed the deposits of money-market funds and authorized a 0 billion bank rescue pr
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