Monday, Jan. 19, 2009
Billionaire investor and CEO of Berkshire Hathaway (BRK.A) Warren Buffett started the week out with a bit of a chill in the air, saying the U.S. is engaged in an “economic Pearl Harbor.”
He said fear among Americans is causing a cycle that makes people not want to spend and make investments, which, obviously, only makes things worse. However, he expressed confidence that we would break out of it.
In the U.K.’s latest efforts to restore its financial system, Prime Minister Gordon Brown expanded its bailout plan. A series of measures were introduced to neutralize the toxic debt on the bank’s books and get them lending again.
And in other Anglo-news, the Bank of Scotland posted the largest loss in British corporate history, reporting a $41 billion loss in 2008.
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