Ellington

In an amazing recovery after weeks of selling, the Dow industrials gained 11 percent and the NASDAQ nearly 12 percent. The Dow gains represent the most points ever and match an 11 percent rise in March 1933, according to the Portland Business Journal.

The rally Monday came after the Treasury Department detailed some of its plans for infusing cash into struggling U.S. financial institutions and the Federal Reserve led a worldwide effort to increase the flow of dollars into worldwide banking systems.

Senator Obama today laid out a new economic initiative, calling for a moratorium on foreclosures by banks that get help from the Treasury Department and new job-creation incentives for small businesses.

Speaking in Toledo, Ohio, Obama laid out four new proposals that included a 90-day moratorium on home foreclosures by some banks, a $3,000 tax credit for each new job created, as well as a plan to let voters withdraw without tax penalties up to 15 percent, to a maximum of $10,000, from their retirement savings plans through the end of next year.

Senator McCain's today went after Bush policies and plans an economic statement tomorrow.

McCain, meanwhile, ticked off economic plans he has detailed over the past two weeks and told an audience in Virginia that the country could not bear up under four more years like the past eight, implicitly criticizing fellow Republican President George W. Bush, whose unpopularity has been a huge drag on the veteran Arizona senator's campaign.

Previous Comments

ID

139006

Comment

Hey, we'll take it. Didn't McCain say over the weekend he would release a plan today, and then said he wouldn't?

Author

DonnaLadd

Date

2008-10-13T17:34:49-06:00

ID

139008

Comment

Yes. But now he will. We think.

Author

Todd Stauffer

Date

2008-10-13T17:56:56-06:00