Thursday, September 25, 2008

Progress unravels on mortgage-relief plan

Three from MarketWatch:

Republicans bring new language; Democrats cry foul; Paulson urges calm

A contentious White House meeting unraveled some progress on a financial-rescue plan, sending Republicans and Democrats back to their corners to regroup and decide how to proceed.
Earlier Thursday, financial markets cheered when congressional leaders said they struck an agreement in principle on a massive, unprecedented package to rescue the staggering U.S. financial system.
But the tentative deal never received the blessing of the larger party caucuses...MORE
Dodd says White House meeting was a disaster

Quick rate cut on the table in wake of rescue deal

A quick rate cut in coming days is definitely on the table, several Fed watchers said Thursday.
"If they cut rates 50 basis points Monday morning before the open it wouldn't surprise me," said Chris Rupkey, chief financial economist at Bank of Tokyo/Mitsubishi...