Market Lashed As Recession Fears GelShow Video Details ↓ Lee Powell: Another day on Wall Street, another plunge in prices. Markets worldwide, rattled by fears of a deep, global recession, leading to a sharp sell off with investors dumping stocks. All of this coming even after a series of government rescue efforts, trying to calm markets and get credit flowing again. But investors are still scared, fearing bigger drops to come, so they are pulling out their money, reducing risk and raising cash. Jacob Weisberg: This is really a bunch of momentum players trying to possibly get things to go their way, and the rumor mills are driving what was going on here anyway. Lee Powell: On the street people watch and wait. Man in Street: It's going to be pretty rough for a while but I think it should balance out if someone gets responsible about what's actually happening. Man in Street 2: Nobody really knows how long the recession is going to be. Lee Powell: In the banking world, more mergers. PNC Financial of Pittsburgh says it is taking over National City, based in Cleveland, in a $5.5 billion dollar deal, coming hours after PNC received cash from the government, part of the program to relieve the credit crunch. A sign of how banks may use dollars from the feds bailout program, but it's a program that will take time. In the meantime, investors say without something new, the market now is all about unwinding. Lee Powell, The Associated Press. |