Finally to admit Recession.

President Bush summoned Barack Obama, John McCain and legislative leaders to an extraordinary White House summit, warning Americans and Congress on Wednesday night that failing to act on a $700 billion financial industry bailout could lead to "a long and painful recession."
Earlier, Paulson agreed to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
The American people are angry about executive compensation and rightfully so," Paulson told the House Financial Services Committee. "We must find a way to address this in the legislation without undermining the effectiveness of the program."
Tracking the Dow on Wednesday,24/09/08
9:30am:--Gap up about 30.0 points.
A hangman follow suit.
Higher start, aided by news that one of the world's most revered investors Warren Buffett's Berkshire Hathaway (BRK.A) bought $5 billion perpetual preferred stock from Goldman Sachs (GS).
10:30am:--Hammering a downtrend.
Lawmakers continue to discuss the $700 billion plan to ease the credit market turmoil -- Fed Chairman Bernanke testifies on economic outlook before the Joint Economic Committee at 10:00 AM ET and Bernanke and Treasury Secretary Paulson testify before the House financial services at 2:30 PM ET.
11:30am:--Technical rebound to MAV.
August existing home sales fell 2.2% to an annual seasonally adjusted rate of 4.91 million, according to the National Association of Realtors.
12:30pm:--Bearish Harami.
Bernanke said in his prepared remarks that there are "grave threats" to U.S. financial stability.
Credit markets remain tight, demonstrated by the dollar lending rate banks charge to other banks, known as the Libor, climbing across all terms except the overnight.
1:30pm:--Shooting star at session high.
Buffet's deal,the market originally cheered the news but some enthusiasm faded on the recognition that Buffet's purchase was opportunistic in nature.
2:30pm:--a second shooting star before it collapse again.
Paulson stated the troubled asset purchase program is the single most effective move to help homeowners, citizens, and the economy.
3:30pm:--Bearish Harami.
The Treasury's proposal to buy up to $700 billion in illiquid assets from financial institutions remains in focus. Fed Chairman Bernanke stated before the Joint Economic Committee that the stabilization of the financial system is key to an economic recovery since the crisis is affecting the broader economy.
4:00pm:--Ascending soldiers.
Action was underscored by light volume as traders assessed testimonies from key financial officials and continue awaiting a clear indication whether an asset funding plan will win approval. Their reservation overshadowed a symbolic vote of confidence from a renowned investor.
The bearish harami pair signals the filling up again of last Thursday candlestick.
Economic activity appears to be decelerating,the primary culprit undermining economic growth has been a weak housing market