Investors bracing for another wild ride

This morning, we’ll see if the market takes another wild ride.

The Dow slipped 189 points, Asian markets rallied, Russia and Indonesia remained closed after the Fed and six other banks slashed interest rates.

They’re hoping cheaper money will encourage banks to make more loans.

Treasury Secretary Henry Paulson says “we must continue to keep mortgage credit available and support the housing market so that we can more quickly turn the corner.“

There’s hope. Pending home sales are up 7%.  That’s good if those sales go through.

Chicago’s seen so many evictions, the sheriff is refusing to put more families on the street.

Cook County Sheriff Tom Dart says “we are no longer going to be a party to something that is so unjust.“

Retirement accounts have lost $2 trillion.

Retired minister John Rogers says “we don’t really know what’s happening.“

Retailers posted double-digit losses in September.

Families are turning to food co-ops to make ends meet.

Edna Pittman, a food co-op customer, says “who could purchase the food we get each month in the packages for $19? Totally impossible.“

Atlantic City may postpone a smoking ban, fearing it’ll slow business in the city’s casinos.

In California, things are so bad the Governor’s warned Secretary Paulson he may need a $7 billion loan to keep his state running.

The fix begins on Wall Street. The U.S. will start buying bad debt in a few weeks and may even buy some banks.

Democrats want another stimulus package, $150 billion.

House Speaker Nancy Pelosi may call lawmakers back early to get it done.

Finance ministers from seven top nations meet here in Washington this weekend. Saving the global economy from financial disaster tops their agenda.