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Dow has fallen 5,000 points in 5 months
news.bbc.co.uk — US shares plunge to five-year lowMore… (Business & Finance)
GarrettGrimsley
Yahoo Shares Plummet Nearly 20% on Ballmer Comments
news.cnet.com — Yahoo shares went into a free fall of nearly 20 percent on Wednesday, following comments from Microsoft CEO Steve Ballmer that the software giant is interested in a search-only partnership and not an acquisition. More… (Business & Finance)
Burento
Let Detroit Go Bankrupt (Mitt Romney)
nytimes.com — A managed bankruptcy may be the only path to the fundamental restructuring the auto industry needs.More… (Business & Finance)
Unsold Foreign Cars Hogging Space at a California Port
nytimes.com — Unwelcome by dealers and buyers, thousands of cars are being warehoused on crowded port property, creating a vivid picture of a paralyzed auto business. And for the first time, Mercedes-Benz, Toyota, and Nissan have each asked to lease space from the port for these orphan vehicles.More… (Business & Finance)
TheEngineer2008
Costco’s CEO on Corporate Responsibility - Jim Sinegal - sus
fastcompany.com — As Costco marks its 25th year, straight-talking CEO Jim Sinegal shares his two cents on sustainability, the economy, universal health care, and what our next president should do.More… (Business & Finance)
brainnovate
Big 3 CEOs Flew Private Jets to Plead for Public Funds
abcnews.go.com — "This is a slap in the face of taxpayers," said Tom Schatz, President of Citizens Against Government Waste. "To come to Washington on a corporate jet, and asking for a hand out is outrageous." Wagoner's private jet trip to Washington cost his ailing company an estimated $20,000 roundtrip...More… (Business & Finance)
orangederange
A Second Crisis in Detroit: Failing Suppliers?
time.com — The financial woes of U.S. automakers have grabbed Washington's attention, but similar problems at auto suppliers have the potential to set off a cataclysmic chain of eventsMore… (Business & Finance)
noupsellWhy the Economy Grows Like Crazy Amid High Taxes
alternet.org — Reality laughs at the Laffer curve, calls Ronald Reagan wrong and says George W. Bush is a loon. The raw truth is that the economy has grown faster when taxes were higher.More… (Business & Finance)
gnocchi1442
Phil Gramm Has No Remorse Over Destroying the US Economy
nytimes.com — “They are saying there was 15 years of massive deregulation and that’s what caused the problem,” Mr. Gramm said of his critics. “I just don’t see any evidence of it.”More… (Business & Finance)
niradg
Samuelson: Christmas in Detroit - How to Bail Out GM
washingtonpost.com — General Motors, once the world's mightiest industrial enterprise, is now flirting with bankruptcy. Ford and Chrysler may not be far behind. "GM and other U.S. automakers ought to be rescued to minimize damage to the economy," writes Samuelson, "but the rescue should require tough conditions."More… (Business & Finance)
More Americans slipping into bankruptcy
iht.com — Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult — and often twice as expensive — to file for bankruptcy took effect in 2005. That translated to an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007.More… (Business & Finance)
2bsbc
If Detroit Falls, Foreign Makers Could Be Buffer
nytimes.com — The failure of one or more of Detroit’s Big Three automakers would put a huge initial dent in American manufacturing, but in time foreign car companies would pick up the slack by stepping up production in their plants here, many industry experts and economists say.More… (Business & Finance)
Pull Away Blanket of Secrecy on Federal Bailout
chron.com — The Fed, for example, refuses to say who received some $2 trillion in emergency loans that have showed up on its balance sheet. Nor will it disclose the collateral for those loans. This month, Bloomberg News filed a lawsuit against the Fed, demanding it disclose the information after the central bank denied the news agency’s request.More… (Business & Finance)
Surferess
AIG to pay $503 MILLION to employees. You get JACK *****.
washingtonpost.com — American International Group plans to pay out $503 million in deferred compensation to some of its top employees, saying it must tap the funds to keep valuable workers from exiting the troubled insurance giant.More… (Business & Finance)
Report: Citigroup to lay off thousands
upi.com — Citigroup Inc. -- the global financial giant based in the United States -- plans to trim its workforce by 10 percent, CBNC reported Saturday.More… (Business & Finance)
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