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It's the Economy

The financial markets will be running full throttle on news events this week, per CNBC's Patti Domm.  The Fed meets Tuesday on interest rates, OPEC gathers on Thursday, and a crew of economic heavyweights from the Bush Administration head to China to discuss all matters economic, including currency issues. 

The head of Bush's council of economic advisors tells Bloomberg that Bush "wants to make energy independence a domestic priority next year with an eye to gathering bipartisan support in the Democratic-controlled Congress...  House Speaker-elect Nancy Pelosi, a California Democrat, has pledged to make rolling back subsidies for oil companies one of her top priorities when Democrats take over Congress in January.  The president also will make immigration reform a top priority, Hubbard said...  On another Bush priority, shoring up the Social Security system, Hubbard said it's too early to tell if a Social Security deal is possible." 

Democratic presidential candidate and incoming Senate Banking chair Chris Dodd wants to haul credit-card company CEO's in to testify.