Friday, September 26, 2008

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

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.

No comments: