All Eyes on Wall Street
President Bush and lawmakers made one point clear throughout the weekend: We need agreement on the $700 billion Wall Street bailout before the opening bell begins trading on Wall Street on Monday.
Fed Chairman Ben Bernanke said last week that this bailout is as much about psychology as economics -- the markets need confidence restored. Capitol Hill has done its part; let's see how Wall Street responds. The markets are expected to open with the Dow down 200 points.
Meanwhile, the House will soon begin its debate preceding its vote on the bailout bill. One of the bill's opponents just used a parliamentary tactic calling for a motion to adjourn the entire chamber, so the House must deal with that first, The Post's Paul Kane reports from the Hill.
And in an encouraging note, Art Cashin, NYSE floor director for UBS, just said this on CNBC: "It might not be a bad idea to find a bomb shelter somewhere."
-- Frank Ahrens
September 29, 2008; 9:25 AM ET
Categories: The Ticker
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