That Was The Week That Was

Politique
-US Congress debates $700 billion "Paulson plan". House Republicans opposed on principle and politics. Having lost his party, Bush's quacking becomes deafening.

-South African President Thabo Mbeki resigns after being pushed out by ANC leadership. ANC deputy president Motlanthe assumes caretaker presidency until likely election of Jacob Zuma next year. Markets initially panic following Trevor Manuel resignation, stabilize on his backtracking.

-Suicide bombing kills 53 people and wounds over 200 at Marriott Hotel in Islamabad. Occurs amid rising tensions between US and Pakistan over US military incursions into Pakistani territory. Reports indicate that the two sides have exchanged fire in recent days.

-Barack Obama and John McCain hold first presidential debate in Oxford, Mississippi. Latest polls...

Economia
-Washington Mutual fails. It is the largest bank failure in US history. JPMorgan quickly buys assets, affirms status as Wall Street's only shining light. Bradford & Bingley, UK's largest mortgage lender, expected to be nationalized on Sunday.

-FBI reportedly conducting formal investigation into 26 cases (including Fannie, Freddie, Lehman, and AIG) of possible fraud related to collapse of US mortgage industry.

-Survey/data indicate the Eurozone has fallen into recession.

-Goldman Sachs and Morgan Stanley transform themselves into "bank holding companies", marking the death of the broker-dealer model. Banks submit themselves to significantly greater regulation in order to survive independently.

The Rest
-Paul Newman, iconic American actor and philanthropist, dies at 83 in Connecticut.

-Zhai Zhigang becomes first Chinese man to walk in space.

-New York City's Yankee Stadium hosts final game. New York Yankees baseball team is vacating 85 year-old "house that Ruth built" for new $1.6 billion stadium across the street.

-Bruno invades Milan's Fashion Week.