President-elect Barack Obama’s transition team is reportedly putting the finishing touches on an economic recovery plan that could run from $675 billion to $1 trillion, though many experts believe the program will most like range between $700 billion and $800 billion.
The board of directors of Citigroup Inc. (C) will meet today to look at beleaguered banking giant’s options after its shares hit a 15-year low, and speculation is escalating that it will have to look at a break-up, spin-off or sale of at least part of the bank.
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In the currency market, the dollar edged still higher against the euro. Late Friday, the euro was trading at $1.3774 vs. $1.3796 on Thursday. Of course, all the day’s attention was closely focused on Washington, where the House solidly overturned its Monday vote on the bailout bill, passing it 263-171–perhaps because Paulson’s original 3-page proposal morphed into a 450-page behemoth laden with pork. President Bush quickly signed this monstrosity into law.
The “Bailout Plan” was passed. Will it work? The answer depends on what your definition of “work” is. If by work you mean no more government intervention and no further costly programs and a functioning market, then the answer is no. But there are things it will do.
In the currency market, the dollar notched big gains against the euro. Late Tuesday, the euro was trading at $1.4162 vs. $1.4305 on Monday. The buck was already upward bound before the results of yesterday’s FOMC meeting.
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In the currency market, the dollar hit the skids against the euro. Late Wednesday, the euro was trading at $1.588 vs. $1.578 on Tuesday. Traders essentially shrugged off a June factory orders report that came in better than expected at a 0.6% gain vs. economists’ projections for a rise of 0.5%.