Current Event 3

My current event was when U.S. officials put the rescue plan into effect. This was put into effect while concerns with the European banks started to fail and with growing concerns with a global recession. The market had a bad day as well, The Dow Jones Industrial Average fell below 10,000 for the first time in 4 years. At one point it fell 797 points. The impact was not only felt on U.S. markets as London's FTSE 100 and Germany's DAX 30 closed down more than 7 percent, while Paris's CAC 40 had lost 9 percent of its value. Germany is having its share of problems as well as they just stitched a $70 billion dollar plan to save a blue-chip commercial lender that was in danger of failing called Hypo Real Estate Holding AG. A rescue plan was announced but it quickly failed as the private banks that were part of the deal called it off because Hypo Real Estate’s liabilities were worse then expected