CRISIS ON THE FINANCIAL MARKET by Jana Kokavcova

A lot of problems are solving on Wall Street these days. It is very hard to hear about writedowns, bankrupts, losses … And it is hard enough not only for investors, banks and firms, but also for government. This week is everyone hoping for change, for signs that the economy will survive the problems in financial sector. But what will happen if things won't go better? Than the Federal reserve will come to rescue this hard situation. Wall Street already expects banks' portfolios to lose at least $20 billion in the fourth quarter. We know about loses in financial sphere & Citigroup Inc., Morgan Stanley, Wachovia Corp. These all firms have some problems with situation on the market and situation in that is U.S. dollar too. The amount of money, that were lost is much bigger than was anybody prepared to hear. The Dow Jones industrial average finished last week down 4.06 percent, the Nasdaq ended the week down 6.49 percent, the Standard & Poor's ended down 3.71 percent. These numbers say all what we need to know. This situation is really hard. If the dollar gets down these days, it can go to huge losses for the world's major financial institutions. And it is not only a joke. There are some reports that write about better situation in last December. So all what can Wall Street do is only to hope.

by Jana Kokavcova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.