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

Greenspan Testifies Today

As you have no doubt realized, we've passed through the Blissfully Ignorant Phase, the Panic Phase, the Stopgap Phase and the Legislating Phase of the current financial crisis and have moved solidly into the Hearings Phase.

In this phase, Capitol Hill lawmakers empanel business executives, regulators, former regulators, expert witnesses and anyone they can think of in an effort to a) try to figure out what happened, b) try to figure out how to keep it from happening again and c) grandstand to score political points with their parties and their constituents back home.

Two biggies today:

-- At 10 a.m., Rep. Henry Waxman's (D-Calif.) Oversight committee will hear from none other than former Fed chief Alan Greenspan, the man who lowered interest rates low enough to create a credit bubble, which created a housing bubble, which created a second credit bubble, which brought us to where we are today.

Also scheduled to appear are former Treasury secretary John Snow (Hank Paulson's predecessor) and SEC chair Christopher Cox. The hearing is in 2154 Rayburn.

-- Also at 10 a.m., Sen. Christopher Dodd's (D-Conn.) Banking committee will host a number of boldface names to discuss the $700 billion Wall Street bailout/rescue. Scheduled to appear are FDIC chief Sheila Bair, Treasury's Neel Kashkari (the man running the bailout) James B. Lockhart III (the regulator of Fannie and Freddie) and Fed board member Elizabeth Duke. 538 Dirksen.

Check back here throughout the day for updates on what's going on inside those hearings and other breaking financial news.

-- Frank Ahrens

By Frank Ahrens  |  October 23, 2008; 7:01 AM ET
Categories:  The Ticker  
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Comments

extra extra read all about it!! nov 08 AMERICA HITS DEPRESSION, DOW BELOW 5000
News Type: Event — Wed Oct 22, 2008 7:07 PM EDTFORAMERICA-548456THE MILLION MAN MARCH WOULD LOOK SMALL IF ALL AMERICANS JUST STOP ON A CERTAIN DATE AND JUST STARTED TO MOVE IN ON WASHINGTON, ALL TRUCK DRIVERS, 18 WHEELER BLOWING HORNS, AND TENS ON TOP OF TENS OF MILLION AMERICANS.

NOW THAT THE REVOLUTION WE NEED. SOMEONE JUST HAS TO GET A DATE ON NATIONAL TV AND TELL ALL THATS CARES THIS IS THE DATE WE ALL GET OUR COUNTRY BACK.

LOCK AND LOAD WE ARE MARCHING DOWN AND TAKE OUR COUNRTY BACK

as mr.poetatohead sec/paulson, has stated.

you cant handle the truth,just give me the money and shut the f up.

america will go under and be in a GREAT DEPRESSION FOR YEARS THEY ARE TALKING AT LEAST 5 YEARS.

HAHAHAHAHAHAHAHAAH TO ALL THAT JUST WOULD NOT LET THEM FALL..JUST AS THEY HAVE LET TENS OF MILLIONS OF AMERICANS FALL UNDER BANKRUPY. THEY TOO SHOULD OF WANT THAT WAY. PERIOD.....

WERE HAVE A THE TRUE AMERICANS GONE, THE ONES WHO WILL FIGHT FOR AMERICA. WE NEED A REVOLUTION NOW PEOPLE
yep, and the pm in england said we are in a depression and america is right behind us and this will last for many years. not months but years.

so again americans wake up and lets take our country back. vote all reps and senator out of washington that have more than 2 terms in. get them out now.

GOOD. I HOPE THEY ALL FALL.

MAYBE THEN WILL AMERICANS WAKE UP TO THE FACT THAT BUSH AND COMPANY NEEDS TO BE DRAG OUT.

ITS TIME AMERICA FOR A REVOLUTION. TAKE OUR COUNTRY BACK.

SO KEEP TAKEING ALL MONEY OUT OF BANKS AND WALLSTREET/ 401,ANY PLACE YOU HAVE IT.

TAKE IT OUT NOW.. MARKET WILL HIT BELOW 6000 WITH IN ONE WEEK.

GET YOUR MONEY NOW

FDIC DOESN'T HAVE THE MONEY TO PROTECT YOU. THE 250000 IF YOU HAVE THAT IN THE BANK, YOU WOULD HAVE TO WAIT 1 TO 2 YEARS BEFORE YOU WOULD SEE ANY. ITS ALL A FRONT.

TAKE ALL MONEY OUT NOW..............................................................................

DAVID A BELANGER
VETERAN
for-america@hotmail.com

Posted by: DAVID | October 23, 2008 7:54 AM | Report abuse

Oil at 66 and the dollar is looking more solid. Of course the mortgages backed by nothing will keep causing troubles along with the credit cards that depend on increases in interest.

"sky-high price of crude oil plummeted, leaving OPEC nations (who'd ratcheted up the price in a series of "oil shocks") looking rather silly and wondering how to maintain their monoculture economies."
Big Money

Their monoculture economies are dying economies. The bought into Wall Street to mix things up and now that plan changed. Wall Street helped ratchet up prices and now we have enough to write another chapter of Doomsday Book. The U.S. economy will recover losses and the rest of the world will see more losses. A strong dollar means a strong economy and greater security. Gasoline could go much lower and oil will keep falling. Heating oil has plunged. It's looking like a long cold winter again.

Posted by: James | October 23, 2008 9:02 AM | Report abuse

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