This may be a very, very bad day on Wall Street
. Stocks are poised to open lower after futures fell 6% in off-hours trading yesterday. That plummet caused trading to be suspended. One analyst tells CNN that "this could be the day everyone throws in the towel."
Simply stunning. That's a personal reaction to former Fed chief Alan Greenspan's testimony in front of a Congressional committee yesterday
. Greenspan told the committee he erred in putting too much faith in free markets ability to correct themselves. Many economists blame Greenspan and his policies for the current economic crisis.
Utah's housing market is getting scarier. Foreclosure filings in the state jumped 114% in September
. That number includes default notices, where the borrowers are behind in their mortgage, as well as the bank taking posession of the property from a borrower. While the number of Utah filings jumped, national filings fell in September.Here comes the next round of bailouts
. Either today or early Monday, Treasury Secretary Paulson will announce the next recipients of some of the $700 billion bailout package. The list is expected to include regional banks, national banks and insurance firms who are getting hammered by credit default swaps gone bad.
This story is surprising, though not unexpected. The rough economy is taking a toll on Utah's ski resorts
. Ski Utah says bookings at the resorts are down compared to last year.