Tuesday: What To Watch For Today
There are two important economic indicators due out today and a couple of Hill hearings that may provide some good copy.
-- At around 8 a.m., the Bureau of Labor will release its Producer Price Index for October.
-- At 9:30 a.m., Treasury Secretary Hank Paulson, Fed Chairman Ben Bernanke and FDIC Chairwoman Sheila Bair testify before Rep. Barney Frank's (D-Mass.) Financial Services committee. Bair has criticized Paulson's $700 billion rescue/bailout plan for helping banks instead of homeowners. We'll tune in to see if there's any kicking under the table between these two. (2128 Rayburn)
--At 10 a.m., President Bush will be at Reagan National Airport to talk about how holiday travel is going to be much easier this season than last year. (Pause. Insert your own joke here.)
-- At 1 p.m., the National Association of Home Builders plans to release its monthly report. It's hard to imagine an uptick in housing starts.
-- At 3:30 p.m. Sen. Chris Dodd's (D-Conn.) Banking committee brings before its big long table the chief executives of GM, Ford and Chrysler and the head of the United Auto Workers. The theme of this hearing will probably go something like this: "We're going to give your money and bail you out, but first, you have to passively submit to a flogging of at least two hours."
Also, this should be fun: They will be joined by University of Maryland economics professor Peter Morici, whose take on the U.S. auto industry can be boiled down to this: They can't fail fast enough or deserve it more. (538 Dirksen)
Barney Frank gets a crack at Detroit's Big Three execs on Wednesday.
-- Frank Ahrens
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