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

September 30, 2008; 9:19 AM ET  | Category:  business
Previous: Bush: Legislative Process 'Is Not Over' | Next: Wall Street Shoots Out of the Gates

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Three and a half years ago, John McCain belatedly cosponsored an apparently "dead" bill on mortgage regulation. He then did nothing else to revive it or bring it back up for consideration.

http://4thoffense.com/mc.html

S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
--------------------------------------------------------------------------------
COSPONSORS(3)
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill's LAST activity)
Sen McCain, John [AZ] - 5/25/2006

10 MONTHS after anyone had looked at this bill, McCain blew the dust off it and cosponsored it. He didn't do anything to push it forward, and the bill never saw any more activity in the Senate.

That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. "Journalists" need to do their jobs here. Explode this MYTH. McCain has stood for deregulation. His has not been a reformer on the economy. His tax cut for the rich is more of the same.

http://4thoffense.com/mc.html

Posted by: BLAME THE DEMOCRATS? | October 1, 2008 1:52 AM

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