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Financial 411

Wednesday, October 29, 2008

It was a roller coaster session on Wall Street today, as the fed tried another move to stimulate the economy, cutting a key interest rate by half a percentage point to one percent, its lowest level in 50 years. The Dow closed down 74 points at 8,990. The S & P 500 was also down 10 points at 930. The Nasdaq fared better, gaining 8 points to close at 1,657.

New York Governor David Paterson and New Jersey Governor Jon Corzine were on Capital Hill today to argue for a state-centered approach in a proposed second economic stimulus package. New York faces budget shortfalls totaling $47 billion over the next four years. Paterson told the House ways and Means Committee that New York State is not alone in its fiscal crisis.

But South Carolina Governor Mark Sanford took a different tack. He urged lawmakers not to throw more money at the nation's financial problems, saying it would push the country further into debt.

WNYC's Bob Hennelly has more.

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