The auto debate is gathering steam and Congress will meet next week to decide its fate. Autos, banks and brokers are dropping like flies in this environment. Is all of this the beginning of the end or just the end of the beginning? I still think we could have 2000 DOW points to go on the down side. The ripple effect just seems endless.
Futures are catching a bid and oil is trading under the $60 handle. Paulson gives a bailout update at 10:30 this morning. American Express is asking the government for $3.5 billion, PRU has cut its dividend by 50% and Swiss Life has cut guidance and canceled it stock buyback. It just feels to me like the wheels are falling off the cart.