Tom Fudge : This morning financial markets were higher, in response to a huge effort by central banks around the world to pump cash into credit markets. But today's small rebound was not nearly enough to correct the tremendous stock market plunge that occured this week. Between Monday and end of the day yesterday, the Dow Jones Industrial Averages lost 7 percent of its value. This came in reaction to news that the Federal Reserve would bailout insurance giant AIG with $85 billion in loans.
Two weeks ago, the feds took over the ailing mortgage giants Fannie Mae and Freddie Mac, which were failing due to years of handing out questionable mortgages. By the way, the median home price in San Diego today is $350,000, down 26 percent from a year before.
Guests
- Charles Hartley , KPBS Citizen Voices blogger who is a registered Republican.
- Chris McConnell , KPBS Citizen Voices blogger who is a registered Democrat.
