Futures indicating rebound after historic sell-off (RTT News)
Oh, see. We're still here. The world hasn't gone anywhere. In fact the stock market is looking up this morning. A few hundred points. Sure it's just a sliver of what we lost yesterday. But did any banks fail last night? (Don't answer). Seriously though, Wall Street better cut out this "buying" stuff if it wants a deal to happen (just kidding!). Of course, others will say that the market is only up on high expectations of a deal. See: Next story.
Senate May Try to Revive Bank-Rescue Bill by Tomorrow (Bloomberg)
Ah, the swift discipline of the markets. Despite the "death" of the bailout bill, the Senate plans to vote on something tomorrow, and pundits increasingly expect a deal by the end of the week. Basically, conviction is one thing, but it's no match for diminished 401(k)s.
Market Drop Pressures Hedge Fund Managers (WSJ)
As part of that ideological gun being held to dissenting Republicans was the threat of end-of-quarter hedge fund redemptions, triggering a "cascade" of selling. Well, we're getting to the end of the quarter here, so we'll see if there's anything to it. Though we can confirm to you that some dude on CNBC just said he didn't think it was a real big deal.
2008 Presidential Election (Intrade)
Besides stocks, the other big loser in the markets was McCain. He's not at 37 cents on the dollar. And just look at the state-by-state map. He's basically losing everything that might be considered a tossup, from Florida to Ohio. We're talking Reagan-Monday here. Ok, not that bad. Prediction: This will tight up. Were we betting, we'd be more bullish on McCain's chances.
Sovereign Bancorp to replace CEO
Well after getting absolutely demolished yesterday in the market, Pennsylvania-based Sovereign Bancorp is likely to replace its CEO. The stock is trading at $2.33... It might be too late. BTW: We're wondering how the stock collapse of National City and Fifth Third Bank (both based in Ohio) will affect John McCain's chances of carrying the state. We have no idea. Here's how its playing in the Cleveland Plain Dealer.
How Should We Allocate CO2 Permits? (Freakonomics)
You know: For something a little lighter. We haven't read it yet, ourselves, so take it for what it's worth.
Nasdaq's Plunge: Large-Cap Tech Take A Mammoth Hit (TechTraderDaily)
Of course, it wasn't just banks. Yesterday's real story may have been about the day investors decided that the cancer had spread everywhere. Large-cap took really got nailed. Just check out Apple, Google and the like. Zouch.