"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

Wall Street- at least what is left of it- is basically holding a gun to the heads of lawmakers and investors. Chronic complainers with no money are calling into their congressmen and voicing their opposition to the financial rescue package.

I'm not sure if these congressmen are savvy enough to figure out that the number of people who voted for them in the last election is much larger than those calling and voicing objection to the rescue package.

As far as seeking advice, lawmakers need to consult Warren Buffett. Here is his most recent interview with Charlie Rose.

Buffett used words like "economic Pearl Harbor", and "Depression" when asked about the consequences of congress doing nothing. Since Buffett is sitting on about $30 billion in cash, and the average consumer is sitting on a boatload of debt, Warren has no reason to give us less than his honest opinion on what congress should do.

Today, the market market averages sold off ahead of the vote. Today's 348 point sell-off on the DJIA was basically a pointing of the gun, and pulling back the hammer. A no vote for the rescue package will probably result in pulling the trigger.

The S&P 500 dropped 4% as the three-month bank lending rate rose to its highest level since January. The economy continues to weaken as jobless claims climbed to a seven-year high, and factory orders dropped to a two year low.

On prospects for a deep recession, commodity prices tumbled, and crude oil fell to $94 a barrel.

General Electric (GE) lost -9.59% after the company said it was raising capital by diluting its shares, and selling $12.2 billion in stock at $22.25. Yesterday, CNBC (owner is GE) initially reported that Warren Buffett had invested $3 billion in GE. As I was watching the report, GE was trading around $23.40, and immediately had a buy order imbalance which drove the stock up to $25 and some change. When the details of Buffet's deal was released, investors who got sucked in saw an immediate loss. GE obviously has some serious issues with its finance arm.

Going forward, we will have to wait for an outcome on the vote of the rescue plan. The House vote is expected tomorrow.