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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Hill Action Weighs On Wall Street

Stocks continue their downward slide as the financial story becomes a political one and begins to affect the markets.

The Democrat-controlled Congress is working toward a bailout plan that puts Treasury and Wall Street on a short leash, both of which may irritate Republicans, who likely will favor less federal oversight of the markets and may slow passage of the bailout.

That, in turn, could cause more uncertainty in the marketplace, and on it goes.

Shortly after 1 p.m., Wall Street continued its slow descent, with the Dow trading down more than 180 points, or about 1.5 percent.

Oil has popped up over the $111 per barrel level.

CNBC is reporting that Barclays, which is buying the investment banking and trading businesses of Lehman Brothers (which filed for bankruptcy last week), will offer jobs to 10,000 Lehman workers in the new entity.

-- Frank Ahrens

By Frank Ahrens  |  September 22, 2008; 1:13 PM ET
Categories:  The Ticker  
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Comments

Paulson et al. drove up the Dow on a series of promises for an enormous bailout with no strings attached.

The Congress now wants, not unreasonably, some strings on the money. Why? Because it's over 1/2 a trillion dollars of money we don't have to fix a problem we would not need to if anyone on Wall St. had common sense. . . how could they reasonably believe that housing prices would be increasing at 10% + per year forever if income was not increasing at a matching rate and when the supply of homes was increasing?

Now the Rs have set it up to make the Dems look like the bad guys because stocks are falling, but I for one will not buy into their scheme. I want Congress to pass a responsible bill that gives us what we need and doesn't just hand a blank check over to Wall St.

Posted by: MShake | September 22, 1908 1:37 PM | Report abuse

The lemmings in Congress have Bush over a barrel, but are too cowardly to use their power.

They should demand that the bill include a surtax of 10% on all who earn more than $1 million. That money will go a long way toward offsetting the cost of this nightmare legislation.

They should insist, as part of the bill, that unemployment benefits be extended for all Americans out of work. They should insist that food stamp eligibility to expanded for those who need it.

They could even insist that Bush bring his disastrous war in Iraq to a close by the end of 2009.

They should slow this runaway train way, waaay down, and think for once about the people they serve. Instead, it's WMDs all over again. Our representatives in Washington are cowards and lemmings all.

God help us.

Posted by: Casey | September 22, 1908 1:42 PM | Report abuse

It's interesting seeing the GOP show their true stripes as Socialists and Welfare Queens over the last couple of weeks.

CEOs whose bonus packages and stock options were based on artificial numbers should have their walk-away Golden Socialist Bailout packages clawed back and used to pay off the debts owed the shareOWNERS of the companies, not paid for by the Middle Class taxpayers as Comrades Bush and McCain want.

--------

Posted by: Will in Seattle | September 22, 1908 2:20 PM | Report abuse

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