In The Days

Brutal February for Blue Chips

A late burst of selling sealed a dismal finish for the stock market, which hit a fresh 12-year low on Friday as Citigroup sold a bigger chunk of itself to the government and General Electric slashed its dividend, spooking investors who were already jittery.
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FDR in 1933, signing the Emergency Banking Act to deal with the impending collapse of U.S. banks.

The financial crisis is reaching a climax. Either Washington will let the banking system go into cardiac arrest, or it will take measures to bring it back to life so it can vigorously function again. The frightening severity of the crisis and the political imperative not to let banks collapse the way they almost did in 1933 will force the Obama Administration to take the necessary actions.
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Consumers around the world no longer want to buy Japanese cars

Japan’s industrial production fell by 10% in January – the biggest monthly drop since records began more than half a century ago, the government says.
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About 220,000 stores may close this year in America, says our guest, retail consultant Howard Davidowitz of Davidowitz & Associates. As more Americans save and spend less, it’s clear there’s too much retail space. Just visit Web site deadmalls.com and track retail’s growing body count. And luxury retailers? They’re on “life support,” Davidowitz says.
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U.S. says Swiss government is no help.
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