Bank stocks on a wild ride. Government aid for mortgage giants Fannie Mae and Freddie Mac. Testy customers lining up at the doors of a failed lender in California.
The credit crisis slamming the financial industry is the all-too-real fallout from the nation's burst housing bubble, and it's greater than some recent upheavals, experts said Tuesday. The feeling of uncertainty isn't being helped by general economic angst and an electronic media world that blares that unsettling news 24-7, they said.
On Tuesday, President Bush and Federal Reserve Chairman Ben Bernanke made bids to soothe the waters. Charlotte-based Wachovia issued a statement that it was “strong and stable,” and the N.C. Bankers Association held a news conference to say the state's banks entered the latest downturn with stockpiles of capital.
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