Economic News - September 24, 2008

State Street Investor Confidence Index - September 2008

• Global Index: 70.7


• Monthly Change: Down 2.4


• Year-to-year Change: Down 18.7


• North America Index: 76.1


• Monthly Change: Up 0.9

German economic indicators in freefall

German economic indicators were in full retreat in July with the
Leading Index down 1.4% and the Coincident Index down 0.4%. The only
improved indicators were inventory change series, gross enterprises and
properties income, and employed persons.

French leading index down 0.7%

The French Leading Index dropped substantially in July, while the Coincident Index rose moderately.

Buffett to Invest $5 Billion in Goldman

Goldman Sachs is getting a $5 billion investment from
Warren Buffett, marking one of the biggest expressions of confidence in
the financial system. Goldman's shares rose 6.5% after hours.

Fed Arranges $30 Billion Swap Line With Australia, Norway, Denmark, Sweden The Federal Reserve arranged to
channel $30 billion into the global financial system by opening
currency swap lines with four central banks to relieve
shortages of dollars in markets worldwide.

Paulson, Bernanke Put Shoring Up Banks Ahead of Cutting Best Taxpayer Deal Treasury Secretary Henry Paulson
and Federal Reserve Chairman Ben S. Bernanke signaled that their
priority is shoring up the nation's banks even if it means they
don't get taxpayers the cheapest prices for the devalued assets
the government buys.

French Business Confidence Declines to Lowest in Five Years in September French business confidence fell to
the lowest in five years in September as the global economic
slowdown dimmed the outlook for sales.

German Business Confidence May Fall to Three-Year Low on Financial Crisis German business confidence probably
declined to the lowest level in more than three years in September
as the worsening financial crisis in the U.S. damped the outlook
for global economic growth, a survey of economists shows.

Japan's Manufacturers are Pessimistic This Quarter as Export Growth Slows Confidence among Japanese
manufacturers held near a four-year low as the global financial
crisis threatens to smother demand in the country's export
markets and higher raw-material costs erode profits.

U.S. Home Resales Probably Declined as Mortgages Became Harder to Obtain Home resales in the U.S. probably
fell in August, signaling the market remained in a slump heading
into the latest financial meltdown, economists said before a
report today.

Japan firms' mood stays gloomy, bodes ill for tankan 

Wall Street's new era

Sep 23 - Experts say new players will flood
Wall Street, but the game's the same, and US investment banks will
continue to lead the pack.