Thursday, Oct. 2 - Wait and see
Rep. Thaddeus McCotter, R-MI, speaks at a news conference held by House Republicans who remain opposed to the financial bailout package on October 2, 2008 in Washington, DC. (Photo by Brendan Hoffman/Getty Images)
Meanwhile, investors feared that the economy needed a boost beyond the government's plan. Economic reports showed signs of continued weakness Thursday. Weekly jobless claims soared to a seven-year high Thursday, alarming investors ahead of Friday's big monthly report. And factory orders slumped to a 2-year low.
Fearing a weakening economy would further quash demand for petroleum products, oil prices fell more than $4. The Dow closed down 348 points.
Fears of a recession only made the stranglehold on credit even tighter. Key measures of lending showed banks hoarding cash with an historically high aversion to risk.
As a result, analysts and economists began to predict that the Federal Reserve would cut its key funds rate by as much as a half percentage point to boost liquidity in the markets, in an attempt to stave off a recession.
NEXT: Friday, Oct. 3 - Bailout becomes law
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