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Dollar plummets on bailout worries

September 23, 2008 by  

Uncertainty is affecting the stock marketInvestors concerned about their wealth were not given much reason to feel optimistic on Monday, as the dollar experienced record losses against the euro.

As of 4:22 p.m. EST, the dollar had fallen 2.33 percent to $1.4802 per euro, according to Fox Business. The day’s losses were the worst seen since the euro was introduced nine years ago.

Some analysts were quick to place the blame on the Fed’s $700 billion bailout plan, which would take bad debts off the balance sheets of banks.

"It’s an indictment of what Ben Bernanke and Hank Paulson are trying to pull off," equity strategist Peter Boockvar told the news source.

"People are realizing that the government’s plan is not necessarily going to be the answer," he added.

Meanwhile, investors seeking a more reliable way of growing their wealth turned to gold. Prices of the commodity increased by more than $44 per ounce, according to CNNMoney.com.

In addition to fears about government bailouts, speculation about whether or not the Federal Reserve would raise interest rates also resulted in a weakened dollar.
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