Call the Pope because hell is freezing over: Senators John McCain and Maria Cantwell are joining forces to reinstate the Depression-era Glass-Steagal [sic] Act of 1933, which separated commercial banking from Wall Street investment banking. According to Newsweek, the two plan to announce the bipartisan McCain-Cantwell bill on Wednesday morning. The Glass-Steagall law was repealed […]
It looks like GM employees are going to get that perk that is usually limited to those in the teaching profession: General Motors Corp. is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles, three people briefed on […]
Looks like the well is dry for GM and Chrysler: The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants. The Obama administration, however, has […]
Well under Bush it appears to have done just the opposite: The 20 largest banks that received government rescue funds slightly reduced their lending to consumers and businesses in the last three months of 2008, the government said Tuesday. The Treasury Department said the banks reduced their mortgage and business loans by a median of […]
And we have a new definition of dumb ass – Oscar Goodman: Sin City’s mayor wants President Barack Obama to apologize for saying companies shouldn’t visit Las Vegas on the taxpayer’s dime. Oscar Goodman spoke after a regular scheduled meeting with tourism officials where he expressed concern that federal lawmakers might be discouraging travel to […]
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 […]