All Eyes on Wall Street

President Bush and lawmakers made one point clear throughout the weekend: We need agreement on the $700 billion Wall Street bailout before the opening bell begins trading on Wall Street on Monday.

Fed Chairman Ben Bernanke said last week that this bailout is as much about psychology as economics -- the markets need confidence restored. Capitol Hill has done its part; let's see how Wall Street responds. The markets are expected to open with the Dow down 200 points.

Meanwhile, the House will soon begin its debate preceding its vote on the bailout bill. One of the bill's opponents just used a parliamentary tactic calling for a motion to adjourn the entire chamber, so the House must deal with that first, The Post's Paul Kane reports from the Hill.

And in an encouraging note, Art Cashin, NYSE floor director for UBS, just said this on CNBC: "It might not be a bad idea to find a bomb shelter somewhere."

-- Frank Ahrens

September 29, 2008; 9:25 AM ET  | Category:  business
Previous: Bush Urges Swift Passage of $700 Billion Financial Rescue Bill | Next: Wall Street Opens Down Sharply

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Art Cashin also said, right before he made the remark about finding a bomb-shelter, "we were always taught not to bet on the end of the world, after all it only comes once".

Well, he's right, but keep in mind that this is why all of the short-selling was stopped. People were betting on the end of the world or something right up there next to the end of the world. Why? Because it was coming.

Perhaps it still is.

Posted by: Thomas Hardman | September 29, 2008 9:53 AM

there is a reason Congress has never achieved an approval rating of at least 20% over the last four years. Maybe in November we will vote 535 new reps and as many new senators as possible. let them go recess, and keep going. we don't need them

Posted by: startingallover | September 29, 2008 3:08 PM

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