So what's going to happen next? It looks like lots of behind the scenes negotiations between the White House and Capitol Hill until Thursday. Then maybe a new bill gets put up for a vote. (We hear this from Congressional staffers, media, and the K Street crowd).
So what's going to happen to YOU next? That's the better question. Let's get ahead of the curve. The Wall Street Journal's Dennis Berman does just that for you. In fact, he's a must read today because he deftly explains why layoffs are just around the corner. He also does you one better because he takes a moment and explains for the non-MBA set what "commercial paper" is, how it works, and drum role please... why you care.
Meanwhile, the one other article you should read today is the Washington Post's business columnist Steven Pearlstein. You can actually hear anger and frustration in his words, but that's not the reason you should read this. Pearlstein argues, and we agree, that in the coming days the media lens will focus on the Federal Deposit Insurance Corp. (the FDIC) and the extent they will have to rescue failing banks.
Here's why you care: Both journalists are waving the a flag here to explain to you why and how Wall Street's and Washington's economic mechanisms are going to directly impact you. Pearlstein is clearly worried about the real possibility of slowed growth for a decade. Think about what that would mean for your retirement, your job, or if you're in college (or your kid is) the ability to get a job. Both Berman and Pearlstein leave you better informed than before you clicked on the article. They're today's must reads while the political back and forth continues in Washington.
And to really make the point about why you care, while all of this is going on home prices set another record... in dropping, again. CNN's got that story.