The massive bailout and a coordinated interest rate cut have yet to calm markets worldwide Snowballing Sell-Off Spreads Worldwide: The $700 billion bailout and coordinated interest rate cuts have not been able to deflect the financial crisis. Now, it looks like talk of the U.S. government buying stakes in banks may not have, either. The stock market sank farther today in Asia, Europe, and at opening on Wall Street, where it dropped 600 points in early trading before bouncing back some. Meanwhile, the crisis spread to the states, which have cut budgets, jobs, and paused major projects. Gov. Arnold Schwarzenegger has warned that California may have to ask Washington for a loan. Even usually cushioned universities have been hard hit, postponing projects and trying not to lose students to cheaper schools as their endowments...
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