While the markets drop and people worry about their 401K's, happy Monday to you.
It's going to take time. Those words from the Bush Administration, members of Congress and found in financial news around the nation today as Europe deals with its own crisis and the Dow fell below 10,000 earlier today.
The president promised swift action today in buying up the bad debt from struggling financials and Treasury introduced the 700-billion dollar man in charge of the job.
Meet Neel Kashkari in this Wall Street Journal
blog. And yes, he's a GoldmanSachs man.
If anyone thought this situation would magically end with the bailout vote last Friday, get ready.
Bloomberg reports today the Fed may face rescuing corporate America and local governments. Read
here. Only a week ago, you may recall, California governor Arnold Schwarzenegger wrote Secretary Henry Paulson that the Golden State and others may need short-term financing from the government.
Recall Jefferson County Commissioner Sheila Smoot (D) wanted a bond bailout, but no chance, we heard in a smackdown from Rep. Artur Davis, who told the county last month, its your own doing.
Republican commish Jim Carns may disagree in the blame game. He's not talking "bailout," but does believe the county should stick it to Wall Street firms. In a committee meeting today, Carns and Bobby Humphreys passed a resolution favoring bankruptcy in the long-running sewer bond crisis.
In a statement, Carns writes "the financial crisis facing Jefferson County is not entirely of its own making. Certain Wall Street firms participated in fully in creating the financial schemes that have caused so much trouble."
Carns statement says "a bankruptcy plan will be fairer to all creditors and to the County than the likely current negotiations."
Congressional hearings today look for blame on the national financial picture. Lehman Brothers and its bankruptcy provide red meat for soundbite starved lawmakers looking for a get -tough moment. Read
here.
All this comes as a presidential race plays out and Obama-Biden continues to grow a lead off of economic concerns. Trying desperately to shift the message, McCain-Palin went into attack over the weekend, rehashing stories about 60's radical Bill Ayres (read
here).
Obama launched his response on the Sunday trail
here. Then followed up with his on attack: Keating Five and calling McCain "erratic" as a leader.
Is the negative attack McCain's latest Hail Mary Pass?
29 days til the election, the score is 50-43, advantage Obama.
Catch Good Day at 7am Tuesday. Rep. Spencer Bachus (R-Vestavia) on the bailout, the fallout and today's stock plunge. Let me know what you want to hear from him.
