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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 18, 2008
Page
2
Banks rush a $700 billion rescue package amid soaring losses from mortgage defaults. Governments move quickly to stabilize lenders, but tighter cash reserves and fears of a global recession spark credit freezes, wild stock declines, and widespread anxiety.
An Associated Press summary notes a special Vienna meeting to address a sharp decline in U S energy demand and tensions affecting OPEC and global supply. Officials from major energy nations convene as markets face a slow contraction and price pressures.
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