Comment: Will the Bailout Work?

Here's a list of the Wall Street bailouts already implemented in an attempt to stem the financial crisis:

$29 billion to save Bear Sterns

$300 billion in early loans to Wall Street firms

$300 billion for the Federal Housing Administration

$200 billion for Fannie Mae and Freddie Mac

$87 billion to bail out Lehman Financing

$85 billion for AIG, Inc

$50 billion to support Money Market Funds

That's about a trillion dollars that has not accomplished what the government promised. Indeed the situation is not said to be so dire that a $700 billion w/o oversight was originally requested within 24 hours to stop the end of the world!

Obviously, more thought is needed in order to figure out why bailing out Wall Street firms has failed to stop the crisis, especially with millions of adjustable rate mortgages still in danger of default.

Asian markets tumble on Wall St. news

Asian markets fell sharply led by losses in Japan, South Korea and Hong Kong after news of the collapse of Lehman Brothers and the takeover of Merrill Lynch & Co. on Wall Street.

The bad news was compounded by reports that American Insurance Group, Inc. (AIG) is also in trouble after its credit rating was downgraded.

On a positive note, oil prices have dipped sharply as speculators surmise demand will slow along with economic growth.

Sify

Turmoil hits Asia; Hong Kong, Seoul deep in the red
MarketWatch - 1 hour ago

By Chris Oliver, MarketWatch HONG KONG (MarketWatch) -- Markets across Asia were blasted by a wave of selling Tuesday, with creditors of Lehman Brothers among the leading decliners, followed by consumer exporters, as investors reassessed the outlook ...

Stunned Lehman Employees Pack Bags Across Asia; Investors Fume CNNMoney.com
Wall Street's Upheaval Unnerves Asian Markets Forbes