Political Economy

First Takeaway: The business news and the political news are, and will be for some time, essentially one and the same. The focus today is on what new economic measures may be pursued by Congress and the new administration and who Barack Obama will name to spearhead his economic policy.

Democrats in Congress are considering steps to aid the troubled auto industry, including another $25 billion in low-cost loans, the Wall Street Journal reports.

The New York Times spells out a long economic to-do list for the president-elect.

There is also much talk in the press today about the next Treasury Secretary, with Timothy Geithner and Larry Summers seen as the most likely candidates. (But you don't need to let the president-elect and his inner circle choose; you can play our own Treasury Secretary brackets.)

After a sharp sell-off on Wednesday, stocks are headed for another down session today. Asian markets closed down sharply. The major European markets are down 3 percent or more at midday. And U.S. stock-index futures are pointing to an ugly opening.