Critical Day On Wall Street
Wall Street is on its own today.
Even though backroom negotiations continue feverishly on the Hill, lawmakers will not legislate today in observance of Rosh Hashanah.
There are no House votes for Wall Street to watch today. Yesterday, CBNC had a split screen, showing the Dow plunging as the Nay votes racked up against the $700 billion Wall Street relief bill.
If lawmakers didn't understand the meaning of "cause and effect" before yesterday, they should now.
The Dow ended the day down 778 points, the worst one day loss since the days following the Sept. 11, 2001, terrorist attacks.
More than $1 trillion in value was erased on one day.
We urge readers not to look at their 401(k) accounts; it will only depress you.
So Wall Street is largely left to being Wall Street today. Traders seem to expect that some sort of relief deal is inevitable, but probably not until late Thursday night, so that leaves two full days of trading before then.
President Bush, both presidential candidates and lawmakers have urged Wall Street to rein in its panic and not continue the massive share sell-off that, among other things, is draining the retirement savings of taxpayers by the minute.
-- Frank Ahrens
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Posted by: BLAME THE DEMOCRATS? | October 1, 2008 1:52 AM
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