The aftermath of Monday's failed vote continues to be felt in Wall Street and in Washington. Congressional leaders are scrambling to modify the plan in order to get it past. The first failed attempt was mainly thought to be because of lack of support by House Republicans who feel that President Bush's policies have led them astray. Many lawmakers have reported that there has been a shift in the messages from their constituents first it was criticism for the bill and now it is mainly pleas for help after Monday's 10% drop.

Steps to shore up the nation's situations are constantly being drawn up. The latest move first drawn up by House Republicans but now supported by Presidential rivals John McCain and Barack Obama is to raise the guarantee limit for deposits. Currently, the Federal Deposit Insurance Corp. (FDIC) guarantees deposits up to $100,000 but today, its chairman asked Congress for temporary authority to raise the limit by an unspecified amount. House Republicans had been talking about raising the limit to $250,000.

Today figures were released by The Standard & Poor's Case-Shiller housing index. According to the authors, the 20-city housing index fell a record 16.3 percent in July and the 10-city index fell 17.5 percent. No city showed an increase. David M. Blitzer, chairman of the index committee said that despite monthly declines slowing, there is 'no evidence of a bottom.' Housing continues to be the greatest ailment of the US economy.

Key economic data for the week starting September 29th, 2008. Numbers shown are consensus estimates (market anticipates this value) and prior value.

Wednesday:
	08:15 ADP Employment Sep -33K 10:00 Construction Spending Aug -0.5% -0.6% 10:00 ISM Index Sep 50.0 49.9 10:35 Crude Inventories 09/27 NA NA

Thursday:
	08:30 Initial Claims 09/27 NA NA 10:00 Factory Orders Aug -1.8% 1.3%

Friday:
	08:30 Nonfarm Payrolls Sep -90K NA 08:30 Unemployment Rate Sep 6.1% NA 10:00 ISM Services Sep 50.0 50.6

© HGH Associated Press

News Archive (from 7/1/2008 until 9/30/2008)