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

Wall Street Opens Down Sharply

It may have been a bad sign that -- for some reason, so far, unknown -- no one rang the bell to open trading on Wall Street this morning.

Trading just started on its own and Wall Street stumbled out of the gate.

Nearly 30 minutes into the day's trading, the Dow is down more than 300 points, or 3 percent, and falling. The Nasdaq and the S&P 500 are each down more than 3 percent. So much for the relief rally.

It makes one wonder: What if Congress hadn't labored all weekend to reach a deal on the $700 billion Wall Street bailout?

In other news:

- The Post's Paul Kane reports that the House expects to vote on the bailout between 12:30 p.m. and 1 p.m. today.

- A federal grand jury is investigating possible accounting problems at Fannie Mae. Last Wednesday, The Post's Carrie Johnson reported an FBI probe of Fannie, Freddie Mac, AIG and Lehman Brothers.

- In one piece of good news for Americans, the value of Britain's pound tumbled against the dollar, following the government's seizure of the U.K.'s biggest lender to landlords.

-- Frank Ahrens

By Frank Ahrens  |  September 29, 2008; 9:59 AM ET
Categories:  The Ticker  
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Comments

Just a note of thanks to Eric Cantor, Adam Putnam, Marsha Blackburn and most of all to John McCain for driving down the stock market this morning. Because they put their personal politics ahead of common sense they've ensured this morning's chaos.

Remember their names, my friends. They play "populist" with your retirement account and with your ability to get a car loan, student loan, small business loan. Your local bank may be the next to fail. This is what passes for leadership among this sorry lot.

Posted by: Down She Goes | September 29, 1908 10:16 AM | Report abuse

So, the market is down "sharply" (ie, 3%). So what? The firms and traders have always been a poor indicator of reality in the short term, and their current panic and hysteria isn't making their judgement any better. And on those days when it swings UP 3% - did things really change, or did they just start to calm down?

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Posted by: Pilgrim | September 29, 1908 10:19 AM | Report abuse

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