Fed holds first emergency weekend meeting in 30 years
As an indication of how bad the The Banking Liquidity Crisis is, the Federal Reserve held the first emergency weekend meeting in 30 years to try and save investment bank Bear Stearns, which was in danger of going bankrupt thanks to bad mortgage-backed securities and other collateralized debt obligations.
The Bank of Japan said it will hold an emergency meeting today as political pressure mounts for the central bank to ease monetary policy in the face of a surging yen.