By Kyle Austin
Good afternoon from a sunny Wall Street. Although it appears the DOW has leveled back today (+9.96 today as of Noon ET), after its record day yesterday (Climbing 900 points), folks on Wall Street appear to have their heads-up for once (Despite forfeiting power to DC).
The reason, the government’s drastic move to prop-up banks across the country – signifying the balance of financial power shifting towards DC from Wall Street.
Steve Lohr, the veteran tech reporter for the New York Times, has a very comprehensive story on the Paulson-led plan today. In fact, I think his coverage beat the front page story on the same topic for the Journal. This is impressive for Lohr (Louise Story and other contributed to the piece), who has transitioned onto the Wall Street beat very recently.
I pinged him on my way down to NYC today and he noted that he’ll be doing Wall Street related stuff for awhile further. Although according to Steve, there is no official plan to keep him on the beat from here on out. “We’ll see how long that (his new beat) lasts,” he noted. If today’s piece is any indication, it could be awhile.