ABC Evening News for Monday, Mar 17, 2008
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(New York: Dan Harris) Unprecedented steps by the Federal Reserve to prevent a decimation of the financial industry and the economy with the forced sale of the Bear Stearns investment bank examined; scenes shown from Wall Street; details given about the stunning sale of Bear Stearns to JPMorganChase and the Fed's move to set up a loan program to help investment banks get money. [WOMAN - predicts a jittery market.] [UBS Financial Services Art CASHIN, Moody's economy.com economist Mark ZANDI, Meserow Financial economist Diane SWONK, President BUSH - offer views on the financial markets.] Speculation about what company may be the next Bear Stearns noted.
(Studio: Charles Gibson) Report introduced.
(Chicago: Barbara Pinto) Investors' concerns about their money examined; details given about the FDIC, the risk for those owning stocks in banks like Bear Stearns, including mutual funds being dragged down by their investments in the faltering financial sector. [Investor Willie LONG - worries.] [Ziv Investment Co. president Peter ZIV- says the investment banks were considered the bluest of blue chips.] [Cherry Hills Investment Advisors Susie JOHNSTON, investor Joyce SEDAM- comment on the investment situation.]
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