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
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Posted by: J.D. | September 25, 2008 6:06 AM
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