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Thursday, December 11, 2008

Auto Bailout Flounders

Items of Interest:

New York Times:
Senate Abandons Auto Bailout Bid — The Senate on Thursday night abandoned efforts to fashion a government rescue of the American automobile industry, as Senate Republicans refused to support a bill endorsed by the White House and Congressional Democrats...

Wall Street Journal:
Auto Bailout Talks Collapse in Senate — GM Retains Bankruptcy Counsel — WASHINGTON — A frantic, last-ditch attempt to forge an relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to hopes of the Big Three. — Senate Majority Leader Harry Reid …
Associated Press:
Union balks and $14B auto bailout dies in Senate — WASHINGTON - A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts. — The collapse came after bipartisan talks …
Elizabeth Kolbert In / New Yorker:
NOTE TO DETROIT: CONSIDER THE REFRIGERATOR — This past summer, Steven Chu, the Nobel Prize-winning physicist who currently heads Lawrence Berkeley National Laboratory—and who has been tapped to be the next Secretary of Energy—delivered a talk on climate change and how to combat it.
Discussion: Talking Points Memo
Washington Post:
Auto Bailout Talks Collapse as Senate Deadlocks Over Wages
Michelle Malkin:
David Rogers / The Politico:
McConnell deals major blow to bailout
8 really, really scary predictions -- Dow 4,000. Food shortages. A bubble in Treasury notes. Fortune spoke to eight of the market's sharpest thinkers and what they had to say about the future is frightening...

Dr. Doom: Things are going to be awful for everyday people. U.S. GDP growth is going to be negative through the end of 2009. And the recovery in 2010 and 2011, if there is one, is going to be so weak - with a growth rate of 1% to 1.5% - that it's going to feel like a recession. I see the unemployment rate peaking at around 9% by 2010. The value of homes has already fallen 25%. In my view, home prices are going to fall by another 15% before bottoming out in 2010...
Calculated Risk:
Initial Unemployment Claims Increases Sharply to 573 Thousand -- Dept. of Labor:
In the week ending Dec. 6, the advance figure for seasonally adjusted initial claims was 573,000, an increase of 58,000 from the previous week's revised figure of 515,000. The 4-week moving average was 540,500, an increase of 14,250 from the previous week's revised average of 526,250.
The advance number for seasonally adjusted insured unemployment during the week ending Nov. 29 was 4,429,000, an increase of 338,000 from the preceding week's revised level of 4,091,000.
Foreclosures dip - but hold the applause -- November foreclosure filings dropped 7% from October, but that may be the calm before the storm.

A total of 78,179 families lost their homes during the month, down 8% from October when 84,868 homes were repossessed by lenders. A total of 1,014,618 homes have been lost to foreclosure since the housing crisis hit back in August 2007...

the number of homeowners who fell behind on their mortgages hit a record 6.99% in the third quarter, up from 5.59% a year ago, according to the Mortgage Bankers Association.

Last week, Credit Suisse issued a report forecasting 8.1 million foreclosures by the end of 2012, accounting for 16% of all U.S. mortgages...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

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Washington's Blog

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