Wall Street Opens Cautiously
Thirty minutes into the trading day, Wall Street is down moderately as traders cautiously wait to see how the bailout takes shape.
At 10 a.m., the Dow was down about 85 points, or about .75 percent. The Nasdaq and the Standard & Poor's were off a little over 1 percent.
Meanwhile this morning, President Bush has urged Congress to pass the bailout quickly and cautioned lawmakers from loading up the relief plan with extra provisions, such as limiting pay for executives whose companies are in trouble. Bush warned that "the whole world is watching."
Also, oil is edging back up in price, nearly $107 per barrel.
Finally, how bad is the financial situation? Bad enough to make senators mix metaphors. In an interview on CNBC moments ago, Sen. Mel Martinez (R-Fla.) said Treasury secretary Hank Paulson and Fed chairman Ben Bernanke "don't have a lot of bullets left in their quiver."
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Posted by: No to Bailouts | September 22, 2008 11:33 AM
Posted by: ErrinF | September 22, 2008 11:35 AM
Posted by: No to Bailouts | September 22, 2008 11:36 AM
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