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Thursday: The Deadline Looms

Wall Street itself seemed to put down everything to watch and listen to Washington today; the Dow barely moved all day and finished with one of the lightest trading volumes in some time.

Here on Capitol Hill, lawmakers have spent the past two days taking bites out of the $700 billion Wall Street bailout plan proposed by Treasury Secretary Hank Paulson and Fed Chairnan Ben Bernanke and now set to chewing on it, working toward passage by Friday, when Congress is scheduled to adjourn.

But given that lawmakers are being asked to approve what many consider a screamingly unpopular bill that may or may not be crucial to saving the U.S. economy as we know it in the middle of a hotly contested presidential campaign between two senators, one of whom has suspended his campaign to work on the bailout plan, well, let's just say the Friday adjournment is looking more and more like wishful thinking.

So what does all this mean for Thursday?

More hearings, meetings and get-togethers, naturally.

* The U.S. Chamber of Commerce plans to make sure everyone knows it favors the quick passage of the bailout plan by hosting a media conference call, featuring Chamber executive vice president R. Bruce Joston and chief economist Marty Regalia. 11 a.m.

* The new new heads of Fannie Mae and Freddie Mac are scheduled to appear before Rep. Barney Frank's (D-Mass.) House Financial Services committee. James B. Lockhart III, director of the Federal Housing Finance Agency, is also scheduled to appear. Noon, Rayburn 2128.

The Hank-'n'-Bernank Roadshow gets a scheduled day off so the Blues Brothers (as CNBC is calling them) can get back to actually doing their jobs, following what has amounted to two straight days of congressional hearings.

-- Frank Ahrens

By Frank Ahrens  |  September 24, 2008; 7:39 PM ET
Categories:  The Ticker  
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Comments

Reinvented new economy authors will generally describe the new system as being neither Socialist nor Capitalist, but a third way with none of the drawbacks of the other two systems. A command economy if you will. With quick passage of bills and such we can have a modified commander in chief economy with one decider. That way none of the messy losses of Capitalism need be messy and the decider can issue all and one big rebate after rebate with no debate. This will all follow religious laws of charity and with a no debtor left behind act, all debts private or public just become public. Change the currency. Legal tender for all debts public. The children don't get left behind either, they get all the public debt and live on public charity with no chance at losses. The negative side is that they get no chance to gain, but with commander and chief economy the decider will decide and they will follow directives and live a comfortable life on rebate payments with no debates. Everybody will get free newspapers for life telling them what the decider in chief wants done next and do it fast or else.

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Posted by: J.D. | September 25, 1908 6:06 AM | Report abuse

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