Weekend Reading

by Osman Parvez
There's been a lot going on these past few days. The football season started. Pink Floyd founder, Richard Wright, passed away. Palin's email account was hacked. Although we've enjoyed excellent weather, this week has seen quite a tumultuous ride in the financial world. In case you find yourself with some extra time on your hands, here is some reading for the weekend. Enjoy!

Starting off with the economy (of course, you say), yesterday, the DOW rallied for 600 points on the news of a government plan to shore up banks. This morning, the new bailout plan was revealed. CNN reports:
"The root cause of distress in capital markets is the real estate correction and what's going on in terms of the price declines in real estate," Paulson said at a press briefing after the meeting. "So we're coming together to work for an expeditious solution aimed right at the heart of this problem, which is illiquid assets on financial institutions' balance sheets."
Here is an overview of this week's stock market.

Next up, slate.com asks, Where Did the Government Get $85 Billion?.
There's no stack of unused money gathering dust in the federal coffers, but the Federal Reserve can always raise cash by selling off some of the securities it keeps in reserve. The Fed maintains a massive balance sheet that shows exactly what its assets are; right now, its reserves are estimated to be less than $200 billion, down from $800 billion at the beginning of this year.
Okay, last one about the market, New York Times has a neat flash object that visually compares today's financial sector of the market to last year's.

As you may have heard, Ikea has plans to open its first Colorado store. The Denver Post has an article on reactions to the news.

"That'll be a riot," Britt Beemer, a retail analyst and marketing specialist in Charleston, S.C., said of the future opening of IKEA. "They sell a lot of stuff, it's contemporary, up to date, chic and unique. They have a particular look and style. The furniture is ready to assemble, and you save money."
RTD public meetings to discuss FasTracks start next week! Go here for more information, and here to view a list of meetings.

That's it! Enjoy the weekend!

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