Talk about a “case of the Mondays”—the U.S. economy awakens this morning to a new set of rules. Investment banks Morgan Stanley and Goldman Sachs received approval yesterday to become more like traditional banks—with tighter regulation from the Federal Reserve. Meanwhile, Treasury Secretary Henry Paulson is asking Congress to approve a $700 billion package to purchase troubled loans from banks throughout the country. In Chicago, ripples from the financial crisis are extending out from LaSalle Street to that little bank branch on the corner. Eight Forty-Eight business contributor David Greising has the local perspective.
Music Button: Quantic, “Bomb in a Trumpet Factory”, from the CD An Announcement to Answer, (Ubiquity records)