Wall Street skids on bank fears (Reuters)

NEW YORK (Reuters) – Stocks tumbled on Friday, with the Dow industrials ending at a 6-1/2-year low, on fears the government may be forced to nationalize some big banks.

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Uncertainty about how Washington will rescue beleaguered banks persisted even as the White House issued its most direct statement yet on banks, saying it supported a privately held banking system. "We have had a loss in confidence because the government keeps changing its playbook, and when that happens investors don't want to put any capital into the market," said James Paulsen, chief investment strategist at Wells Capital Management in Minneapolis.

Full Story: Wall Street skids on bank fears (Reuters)