Wall Street still shaking after Monday slide - WSFA.com Montgomery Alabama news.

Wall Street still shaking after Monday slide

More fallout Tuesday from the Wall Street failures that sent the market into a tailspin Monday.

After meeting in August, the fed said it would do whatever necessary to keep the economy on track.

Before deciding on interest rates the Federal Reserve pumped an extra 50 billion dollars into the financial system Tuesday morning hoping to inspire confidence in a market spooked by bank failures.

"I'm worried about too much panic in the markets that people are going to believe that this is going to lead to another, you know, 1933, great depression," said Wall Street worker Jeff Nitka.

Stock prices were down when the market opened Tuesday morning.

On Monday, A.I.G, the world's largest insurance company, dropped 63 percent.

It's seeking a 40-billion dollar loan just to get through the week.

Some employees are hopeful.

"I have total faith in them," said one A.I.G. Employee.

Presidential candidates agree, unlike bear Stearns, A.I.G should not get federal help.

"I don't think they should be bailed out by the federal government. I'll tell you what we should do. We should try and correct the problems that caused this," said democratic vice presidential candidate Joe Biden.
 
"Greed and excess and corruption is beset Wall Street. They've treated it like a casino and they need to be held accountable," republican presidential candidate John McCain said.

What happens next could depend on whether congress approves stronger regulation.

"It's something that we should look at because times have changed a lot, and make sure that our markets work for the people rather then - against the taxpayers," said Alabama republican and senate banking committee member Richard Shelby.

Powered by Frankly