The bailout plan has apparently hit a snag after a meeting of congressional leaders at the White House broke down into a “contentious shouting match.” Add to that the failure of WaMu last night and I think the folks on Wall Street are going to go apeshit react strongly.
Then again, if I could really predict what happens on Wall Street, I’d be an advisor to a large investment fund, and they would treat me as a god.
Update: As Tim Cavanaugh reminds us, my inability to predict the market is rivaled by that of Treasury Secretary Henry Paulson, who’s been seeing doom in every down-tick for a year now.
Update: Actually, people who pay more attention than I do probably weren’t surprised by the WaMu failure. Shares declined from $35 a year ago to $1.69 yesterday, so I’m guessing the market isn’t really going to be all that shocked this morning.
Update: Eh, the market open wasn’t so bad.
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