Gregg to Wall Street: Don't Panic, We're Working
In remarks to the media this afternoon, Sens. Judd Gregg (R-N.H.) and Chris Dodd (D-Conn.) appeared confident that some form of Treasury Secretary Hank Paulson's $700 billion Wall Street rescue plan will pass. Gregg said we will "stay here until we get this done."
Gregg quickly pointed out that Tuesday is Rosh Hashanah and that talks between party leaders will continue through the day even though no congressional action will take place on the Jewish holiday.
"The market should not look at that as inaction," Gregg said, mindful of today's 778-point drop on the Dow, the worst one-day sell-off since the terrorist attacks of Sept. 11, 2001.
If Wall Street feels Congress is taking a holiday as the credit markets continue to seize up, there could be another sell-off like today's, Gregg fears.
Moments ago, there was an odd sight on TV: Rep. John Culbertson (R-Tex.), a self-described fiscal conservative who voted against the rescue bill, getting beaten up on CNBC, former bastion of free-market capitalism.
Culbertson told the panel on CNBC's "Fast Money" that he was confident that the House could pass some form of relief by Thursday night. Meanwhile, panel member Jeff Macke, a former hedge fund manager, ticked off the reasons why Culbertson should have voted for the rescue bill today.
-- Frank Ahrens
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