Financial System Suffers Relapse

This article by Neil Irwin and Renae Merle, addresses how after a slight improvement in the financial system, it is all unraveling again. Many investors are moving their money to U.S. Treasury debt where it will be safer. The market has hit its lowest level since 1997 and financial companies are being hit especially hard. Citigroup shares lost half their value this week, something truly alarming considering their importance in the financial industry. The broader economic picture also darkened last week as more americans filed for unemployment insurance benefits than any other week since 1992.