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ECONOMIC REPORT….Your economic report for the day: Factory orders plunged 4% in August; the service sector was stagnant; wages were stagnant; auto sales dropped by a third; jobless claims are up dramatically; the commercial paper market fell nearly $100 billion last week, its biggest drop since 9/11; short-term lending rates remain astronomical; employers cut 159,000 jobs in September; and credit remains so tight that Arnold Schwarzenegger is begging the Treasury for a $7 billion loan for the state of California.
That is all. For now. I recommend the House pass the bailout bill today.
