Today in Washington D. C. - Oct 6, 2008 - Congress in Recess
The Senate is expected to remain in recess until Nov. 17th, when they will return for a lame duck session. The House has adjourned for the year and is scheduled to return on Jan. 3rd, unless the speaker calls them back.
Senate Democrats Scare the Markets. Over the weekend, The Wall Street Journal joined in criticism of Senate Majority Leader Harry Reid for some unguarded statements he made last week. On Wednesday Reid told reporters at a press conference, “One of the individuals in the caucus today talked about a major insurance company. A major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That’s what this is all about.” (Video) The WSJ points out, “The next day, share prices fell sharply across the insurance industry. . . . The steep drop in the share prices of insurance companies Thursday destroyed wealth for uncounted middle-class investors holding onto stock in companies still considered healthy . . . It calls to mind Senator Chuck Schumer’s public suggestion in July that troubled IndyMac Bank ‘could face collapse.’ It did, after a deposit run.” Reid and Schumer should be aware that with jittery traders paying close attention to Washington, they should think more carefully before singling out companies.
Summary: Even with the Congress on recess, Americans are still irate! Markets are in free fall and businesses are having difficulty getting loans to pay for holiday merchandise.
Tags: declining market, US Congress, recess, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Senate Democrats Scare the Markets. Over the weekend, The Wall Street Journal joined in criticism of Senate Majority Leader Harry Reid for some unguarded statements he made last week. On Wednesday Reid told reporters at a press conference, “One of the individuals in the caucus today talked about a major insurance company. A major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That’s what this is all about.” (Video) The WSJ points out, “The next day, share prices fell sharply across the insurance industry. . . . The steep drop in the share prices of insurance companies Thursday destroyed wealth for uncounted middle-class investors holding onto stock in companies still considered healthy . . . It calls to mind Senator Chuck Schumer’s public suggestion in July that troubled IndyMac Bank ‘could face collapse.’ It did, after a deposit run.” Reid and Schumer should be aware that with jittery traders paying close attention to Washington, they should think more carefully before singling out companies.
Summary: Even with the Congress on recess, Americans are still irate! Markets are in free fall and businesses are having difficulty getting loans to pay for holiday merchandise.
Tags: declining market, US Congress, recess, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 1:05 PM - Post Link
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