" This is Money Markets & More for Tuesday September 30 from the news from of the market want tritium network I'm John Wordock. So how's your head isn't hurting how's your stomach is an upset. Coming up in this edition we'll -- do was suit your jittery nerves. And have you listened has some very experienced Wall Street veterans and get some thoughts on all this craziness going on on Wall Street. And we'll also find out how everyday investors should cope with this those stories coming up but first this."

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" On the -- we're getting news on home prices courtesy of the case Shiller index. Wall Street more importantly trying to get back on track after the house failed to pass that rescue plan. And the Dow Jones Industrial Average dropping almost 778. Points hard to believe a 7% decline for the blue chips. The NASDAQ dropping 9% the S&P 500 fallen about 9%. What's going on here Sam Stovall at standard imports."

" First to file find it's sort of interesting that the market was down. Because investors thought that this bailout plan would be voted in. Now the markets down even more because it was voted out like somebody's saying you know don't ask -- to get involved in the late. Get upset because they were not -- to get involved. I think basically it's a crisis of confidence that is now morphed into a conflict of ideology. And it's just so much uncertainty that basically Wall Street investors don't like flying in the fog and basically the fog has gotten a lot."

" Thicker and the house vote comes of course as the economy is having problems says Hugh Johnson & Johnson Ellington advisers."

" Failure to pass a bailout though or as it's being called. Failed to do something to help the credit markets which are seizing up. I would have pretty battered dire implications for the US economy."

" And what does Peter Marie C an economist and professor at the University of Maryland make of all those."

" Well it means that were on the verge of financial panic of -- authority in the middle other we're likely to seek credit markets seized up and the stock market tank. We've got to wholesale absence of leadership in the United States over the last several years to address the fundamental problems they gave rise to dismissed. Our -- high trade deficit and excessive foreign borrowing which we used to prop up consumption. And the in the wholesale bid management on Wall Street. They read -- really poor banking practices they gave rise the sub prime crisis the auction rate securities crisis in many other problems which are driving down the real value of the financials. Unwilling to take on banking reform and trade reform to cut down or pouring abroad. Policy and bush have given us with financial panic."

" The headline a marketwatch.com. May have said it all -- wake of that rescue plan failing it simply red house to straight. Drop dead. All that reminiscent of course of that old New York Daily News front page after congress. Failed to help New York City during the 1970s. Campbell's soup by the way -- the only gainers of the big board. Since we all have to eat I guess even during a recession or maybe even a depression who knows what's common. Campbell's could be viewed as a safer than normal way to advance. As for funding some safe harbors these stay assent something we asked sandy brooks at T. Rowe Price in Baltimore is there any safe place. For every day investors."

" Well you know I as a great questions first everybody's getting hurt here because when stocks go down bonds -- down. And the markets are challenged everybody's retirement their assets everybody's we're in this together -- globally you know so people in Asia Europe for all -- the same today. I think it's pretty darn interesting that somehow congress has not been able to. Present to the public that this concept of a bail out is not a bail out it's a buying it. And if if if if someone bought a house that a hundred and they have a mortgage is worth ninety and the palaces only worse seventy. Congress is proposing -- the treasury proposing buying that piece of paper for seventy. Not ninety and not a hundred. So nobody's getting bailed out there's a buying Anders there's congress in the in the country willing to step in and and taken equity stake if you will in some of these troubled assets and help now congress is not getting that message through and that's pretty perplexing and troubling to the markets. Everybody understands that the that they treated well of everybody else doesn't want to concept of the buyout or bail out excuse me for the fat cats but that's not what we're talking about in terms of this -- Legislation so that's really. A disappointing in pretty unsettling to to investors I think and you know. We we gotta come together and figure out a way to get Dolan because there are serious issues that need to be addressed."

" And is there any safe place for an investor to stash some money right now."

" Well are now you know this is going to be problematic but as we could certainly go lower but boy you sure are seeing some. Opportunities to buy very good companies -- very good valuations. If you have the ability to be a long term investor. If you need money tomorrow you'd understand cash. But if you don't and you have a chance to step in there -- just a lot of great companies that are on fire sale prices. And today's close was an example of that. So because of the uncertainty everybody's trying to head for the exits a little bit -- causes it to be a particularly hard time. To have the courage to be an investor but. On if you do it seems to me that she looked back over 1235. Years you'll think that these are pretty good prices athletes that's -- sentiment that we have."

" We were looking at some of the socks and actually went up and I noticed Campbell's was so one of the advancers what do you make of that."

" Well I can't. Winners common cold the current ten people want so but certainly that -- safe haven they have a predictable business and a regard to out tough times you're going to be -- to meet people will be buying Campbell's chicken new so so I think I we understand that did the consumer. On nondurables have been. You know just a great place to have been over the last few months and all the consumer product companies have held up nicely. But it's you know whether it's in the financial sectors how many industrials there -- a lot of great companies that really took it on the -- here and that we think are attractive and and if you have a long enough time horizon I think you'll be well rewarded and how long have you been in the financial industry and have you ever seen anything like this employee that's a question I had over the weekend from a lot of people on -- my 29 year I would say I saw 87. Told -- until the market melt down in 1991 until the Internet bubble burst. On this is right up there if not worse and a lot of respects because it's dragging on. The stuff and 87 could sort of be explained a pretty quickly by this concept of portfolio insurance. 1991 which has challenges. In the marketplace in the Internet bubble. You know everybody sort of figured that had become -- and then at some point oh you're you're never really fully prepared for when it does. What does the carnage it's going on here globally in the financial sector it stolen off over into other sectors really is. Quite quite challenging and you know it's a struggle so we're we're gonna keep her wits about Ers are ourselves and and -- thoughtful about the opportunities over the long time and be careful and in judicious if you will and I think that's good place for everybody."

" Andy brooks at T. Rowe Price joining us from Baltimore thanks a lot for taking a few minutes handy invest a lot -- well but select all this will get through it thank you. And on the state in business history the World Series is televised for the first time in 1947. Featuring the New York Yankees and the Brooklyn Dodgers. How about that that's it for Money Markets & More feel free to write us at MarketWatch radio news from Yahoo.com. I'm John -- dock until next time seeing that."