News Cycle

A look at the news, politics and journalism in today’s 24-hour media.

Wall Street in Wait-and-See Mood After Bush Comments

leave a comment »

President Bush made brief comments from the White House this morning, trying to assure Wall Street and the American public that a deal will be reached to solve the current financial crisis.

“The legislative process is sometimes not very pretty,. We are going to get a package passed. We will rise to the occasion,” he said in short remarks that were intensively watched on Wall Street.

“Any time you have a plan this big that is moving this quickly, that requires legislative approval, it creates challenges,” Bush said. He said members of Congress “should be allowed to express their opinions,” but emphasized that “there is no disagreement that something substantial must be done.”

The markets have responded with a wait-and-see attitude. The Dow is down about 80 points at 10:08 a.m., which is a gain from its previous low for the day of a drop of about 150 points.

In the meantime, negotiations continued on Capitol Hill. Sen. John McCain spent the early part of the day in Sen. Mitch McConnell’s office. After meeting with the Senate Republican leader, the presidential candidate walked through the Rotunda and marched into Rep. John Boehner office. Boehner is the House Minority Leader and is front and center in the opposition to the bailout plan.

Advertisements

Written by newscycle

September 26, 2008 at 9:58 am

Posted in Wall Street

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: