CNBC.com News Now: The Smoking IM

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DOW 8519.21 -514.45 -5.69% NASDAQ 1615.75 -80.93 -4.77% S&P 896.78 -58.27 -6.1%   Wednesday, Oct. 22, 2008   CNBC TASK FORCE     Scott Wapner, Reporter, CNBC Business News Fear and Fundamentals tag teamed the markets today. First on the fundamentals: Earnings haven't been so bad thus far, but they're backward looking. It's the outlooks that have been terrible. Apple and others have given gloomy forecasts shaking investors to the core about what the uncertain future holds. Now on to fear and boy is there a lot of it - fear that a recession will be deep and long and fear that globally, economies will be hurt badly. Those were the sobering thoughts from Nouriel Roubini, the respected economist and professor who said a recession would last 'at least two years'. Can anyone say ouch?     WHAT YOU SHOULD KNOW     Strategist: Start Buying Financials, Energy Dan Genter, CIO at RNC Genter Capital Management, told CNBC that it is a good time for investors to put their money into the energy and financial sectors....read more     Senators Seek to Ensure Bank Injections Boost Lending A group of Democratic senators asked the U.S. Treasury Department on Wednesday to set guidelines saying that banks receiving government capital injections should use the funds to restore their lending activities to levels prior to the credit crunch...read more     Treasury Sees US Economic Recovery in Late 2009 U.S. Treasury Undersecretary David McCormick said on Wednesday the U.S. economy is in for a challenging few quarters but could start to recover late next year. The coming quarters will be very challenging," McCormick told a lunch in Hong Kong. He said, however, that the U.S. economy was resilient despite challenges posed by turmoil in the financial sector...read more     TODAY'S TOP 5 VIDEOS     1. Recovery Could Take 20 Years: Hendry The ongoing financial turmoil and economic gloom will take 10 or 20 years to heal, Hugh Hendry, partner at hedge fund Eclectica, told CNBC.     2. Wal-Mart CEO On Consumers & the Economy Wal-Mart CEO Lee Scott discussed the consumer, the economy and doing business in this market with CNBC's Margaret Brennan.     3.The Smoking IM A look at an instant message exchange between two officals at the S&P..     4.Governments Keep Making Mistakes: Rogers "The world is unfolding. The American government keeps making mistake after mistake after mistake. Other governments do too. Unfortunately this is going to be a mess," Jim Rogers, CEO of Rogers Holdings said Wednesday     5. Stop Trading, Listen to Cramer! Mad Money host Jim Cramer discusses the markets.     Click here to view all of today's top videos on CNBC.com     CNBC.com BLOG OF THE DAY     Vegas Roots For Phillies A win by the Tampa Bay Rays in the World Series could put a "hurt" on Vegas sportsbooks....read more See All CNBC.com Blogs   Watch CNBC live on your desktop. Click here to find out how.   NEWS MARKETS EARNINGS INVESTING VIDEO CNBC TV CNBC PLUS   (c) 2008 CNBC, Inc. All Rights Reserved

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