Today marks the end of the Bush stock market.
He has presided over the evisceration of more than $4.6 trillion of U.S. stock market wealth as measured by the S&P 500.
The Senate returns to debate a bailout for struggling automakers and consider additional stimulus money to prop up the struggling economy.
Democrats hope to pass both measures in their brief “lame duck” session, but they face opposition from Republicans in the chamber as well as President George W. Bush, who reiterated on Monday morning that any Detroit aid should come from the $700 billion already appropriated to prop up the economy.
In Chicago, President-elect Barack Obama will meet at noon EST with John McCain, his recent rival for the White House. “It’s well known that they share an important belief that Americans want and deserve a more effective and efficient government, and will discuss ways to work together to make that a reality,” Obama’s transition team said on Monday.
Obama and McCain will be joined by their two favorite wingmen — future White House chief of staff Rahm Emanuel and South Carolina Sen. Lindsey Graham, respectively.
McCain might put in a good word for New York Sen. Hillary Clinton, who is reported to be on Obama’s short list for Secretary of State. McCain and Clinton downed vodka shots together on a trip to Estonia a few years back.
Back in the Senate, the Finance Committee will cross-examine the man who has been nominated to oversee the $700 billion bailout program. Neil Barofsky, the assistant U.S. attorney in the Southern District of New York who has been nominated to be Special Inspector General of the Treasury Department’s Troubled Assets Relief Program, testifies at 2 p.m.
The House is not in session, but new members elected two weeks ago are in town for an orientation session and a class photo. House Democratic leaders say they will quickly pass any bailout packages that clear the Senate.
U.S. stocks are expected to open lower as investors continue to fear a deep and lengthy global recession. According to one group of economists, we’re already there: real GDP is expected to fall 2.6 percent in the final quarter of this year and 1.3 percent in the first three months of 2009, according to a survey of 50 professional forecasters conducted by the National Association of Business Economists.