The economy sheds 533,000 jobs in November, the worse in 34 years: The report from the Labor Department is sure to raise fresh concerns about the depth and length of an ongoing recession, and could figure into hearings on Capitol Hill today about a proposed bailout of the Big Three Detroit automakers. The unemployment rate […]
Geez. The U.S. government has agreed to guarantee over $300 billion of Citigroup’s troubled assets — loans and securities backed by residential and commercial real estate and other such assets — with conditions attached. These conditions are being hammered out. In addition, the U.S. Treasury will invest $20 billion in Citigroup from the Troubled Asset […]
Matt Drudge will never change, and is still at it when it comes to trying to misinterpret headlines into something that might enrage the right wing. Here’s the latest example: So HuffPo is getting a “bailout”? Is she part of the financial sector or auto industry? The answer to both is of course “no”. Instead […]
We are hearing that a lot lately. It is a very tough situation to wrap your head around, but while people are saying we should let the auto industry go, no one is saying what to do with the millions of jobs it will cost. It’s not that we need to bailout the auto industry, […]
That’s what Paulson decided to tell Congress today: What I also find interesting is how they are now saying they will leave Obama with about 1/2 of the $700 billion from the bailout. So why didn’t they just ask for $350 billion to start with? Why all the drama and demanding the full $700 billion? […]
NY Attorney General Andrew Cuomo has been at the front of the battle when it comes to CEOs receiving their golden parachutes, while their companies lay off and ask for government handouts, and he isn’t backing down at all: Calling the layoffs of 53,000 people “disturbing,” Cuomo says top executives shouldn’t get bonuses while investors, […]
That’s what it seems like the Republicans are heading for – a policy of saving white collar jobs, while letting blue collar workers hit the unemployment lines: Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a “dinosaur” whose “day of reckoning” is coming. […]
It seems like the hands opening up for the free government money, aka the bailout, are increasing faster than our unemployment numbers. Now the insurance companies are lining up for their Christmas gifts: Several insurers, including Hartford Financial Services Group and Genworth Financial Inc., made last-minute bids for billions of dollars in government money Friday. […]
Now the GOP infighting really gets interesting. In one corner we have former presidential nominee John McCain, and in the other corner – Republican Senator Jim DeMint of South Carolina: “McCain, who is proponent of campaign finance reform that weakened party organizations and basically put George Soros in the driver’s seat,” DeMint said. “His proposal […]
The economic hits keep on coming: Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending. The Commerce Department said Friday that retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 […]