Dow industrials are set to drop 500:Paulson calls for action

[cal04]

http://news.yahoo.com/s/ap/20080122/ap_on_bi_st_ma_re/wall_street

Wall Street was expected to plunge at the opening of trading Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. Indicators showed the Dow Jones industrial average was set to fall by more than 500 points when trading begins.

Fears of a recession in the United States that could pull down the global economy as well have infected markets around the world, and those declines further unnerved U.S. investors who were unable to trade Monday, when Wall Street was closed for Martin Luther King Jr. Day.

Dow futures fell 553, or 4.57 percent, to 11,553. Standard & Poor's 500 index futures fell 67.20, or 5.07 percent, to 1,258.10. Nasdaq 100 index futures dropped 86.50, or 4.68 percent, to 1,763.00.



TREASURY SECRETARY PAULSON MAKES PITCH FOR ACTION ON 'ROBUST' AND 'BROAD-BASED' STIMULUS

U.S. Treasury Secretary Hank Paulson said Tuesday he's moving to enact an economic stimulus plan "as soon as possible." He said he's optimistic that a plan can be carried out with Congress "long before winter turns to spring." Paulson called for swift, robust, broad-based and temporary fix for an immediate impact on the economy. Paulson said his team has been monitoring the global sell-off in stocks. Paulson said that looking ahead, unemployment remains low and that the "structure of our economy is sound and our long-term economic fundamentals are healthy

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B3EA28A95%2D48C8%2D4648%2DA570%2D32998A6BD0D3%7D&siteid=mktw

[LuckyTheDog]

1. The Democrats

Better for average Americans. Better for capitalism, too.

[mahatmakanejeeves]

2. Rethuglican logic:

a) The Dems were on TV last night saying bad things about our Pretzelnit.
b) the next thing you know, right out of the blue the market crashes.
c) the Dems did it.

[HereSince1628]

3. We shall see what we shall see.

Asia was off a lot for a second day, Europe not so much.

At least there are large piles of soft snow to fall into below the window :).

Good Luck DUers!

[Graybeard]

4. Ouch!

Like book-ends...recession in W's first year and his last year in office.

[bdamomma]

5. its that domino effect everything we do or don't do has a profound

effect on the rest of the world. I hate *.