There is a fundamental problem with the whole "let Wall Street fail" meme. Here's why a bailout of some sort is unfortunately necessary - the fundamental issue is that it isn't Wall Street's money that's at risk; it's yours - and what should be done in the future.

Global financial markets are soaring Friday on news the U.S. government is formulating a plan to rescue banks from the bad debts at the center of the U.S. financial crisis.

Up, down, up, down, and finally up. The Dow Jones Industrial Average (DJIA) finished up 410 points as a wild rally ensued on rumors of the possible formation of a government entity that will take over banks' bad debt.

The decision by Lehman Brothers to file a petition under Chapter 11 of the U.S. Bankruptcy Code, in New York on September 15, is the latest in a swathe of financial skittles being systematically ploughed to the ground by the credit crisis in the West.

Stock markets have crashed and the rupee hit a low of 46 against the US dollar on Monday morning following news of further trouble in the US financial markets.

Lehman is trading at $4 in pre-market trading. To answer myself from Tuesday's "Will Lehman Go To Zero? Today?" post: Yes, but apparently not until tomorrow.

Bank of America gave yet another boost to financial market following less than catastrophic earnings results from the large money center banks last week. It says a lot about the market we're in when a stock can rally 10% on news that it will not need an FDIC bailout this week.

The good gains made in the resources sector today have not been enough to overcome losses made by the banks and the overall market in Australia has closed lower.

Secretary of Treasury Paulson sees more economic difficulties ahead and says IMF needs to find better ways to monitor financial markets.

There was a moderate rally on Wall Street overnight as oil prices retreated from record highs and the flow of corporate news was mostly positive.

The banking and financial sectors have dragged down the Australian share market, which closed lower for a third consecutive session.

Early gains have been all but erased on Wall Street at the start of the trading week.