Fear Rules Wall Street in Opening
Wall Street is spastic with fear and trading hasn't even opened yet.
Futures have been all over the map. They were up following the rate cut and now they've just taken a pre-bell dive.
CNBC anchor Mark Haines just looked up at his monitor showing the S&P 500 futures and sighed, "Oh, sheesh. We're down 30 again."
Investors large and small are afraid.
Wall Street has been clamoring for all sorts of fixes -- give us the $700 billion rescue/bailout and we'll be better; give us a rate cut, and we'll be better.
Well, Wall Street has gotten pretty much what it's asked for -- and more. This morning brought not just a Fed rate cute, but a coordinated rate cut all over the globe. What will it take to get Wall Street right?
In the presidential debate last night, Sen. John McCain (R-Ariz.) whipped out a surprise housing rescue plan -- up to $300 billion to buy up lousy mortgages. See what Steve Pearlstein has to say about it.
-- Frank Ahrens
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Posted by: JD | October 8, 2008 9:46 AM
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