The first day of hearings will deal with the bankruptcy of long time investment bank Lehman Brothers. Tomorrow brings a review of why the government had to grab an 80% stake in the insurance giant AIG.

Republicans say they don't mind the hearings, but they want a focus on Freddie Mac and Fannie Mae, which many in the GOP claim went financially unstable in part because of pressure by Democrats to loan money to people (mainly minorities) who couldn't really afford mortgages.

Ah yes, the sweet smell of politics!

"I hope you will pursue fraud, mismanagement and the rest," said Speaker Nancy Pelosi last week when talking about these hearings.

Chairing them will be Rep. Henry Waxman of California, who has earned himself a gold star in the Congressional Oversight Hall of Fame during his years in the Congress, for his work to knock around not only the bureaucracy, but others as well.

It was Waxman who dragged seven CEO's of major tobacco companies before the Congress, belittling them on national TV for their marketing practices.

Whether he's able to draw out any smoking guns from this probe is still to be seen, but I'm sure there will be a partisan edge to it as well, just over four weeks out from Election Day.

With Congress gone, it will also be interesting to see how things shift in terms of the political story of the economy and Wall Street.

If Wall Street continues to slide, if banks go down, etc., Congress will be only a bit player as they aren't in session for legislative busines until after the elections.

Instead, it will be the regulators and the Executive Branch at the forefront of the debate.

Just one of the many moving parts of this election year to keep an eye on.