Items of Interest:
US House Approves $14 Billion Auto Industry Rescue Plan -- Bill would provide $14 billion in loans to keep GM, Chrysler out of bankruptcy. But Republican opposition in Senate threatens chances of approval.
The House passed a stopgap $14 billion bailout to U.S. automakers Wednesday evening, but Republican opposition cast doubts about its fate as it moves on to the Senate.
The House vote came in the wake of an agreement on the measure earlier in the day between Democratic Congressional leaders and the Bush administration.
The bill is designed to keep General Motors (GM, Fortune 500) and Chrysler LLC out of bankruptcy through at least March to give the new Congress and Obama administration a chance to craft a more long-term solution.
The measure passed by a count of 237 to 170 thanks to overwhelming Democratic support. But only 32 Republicans joined Democrats in voting for the bill...
Does anybody else not wanna pick up a newspaper anymore? I mean, Jeez, it's just plain nasty out there. A sampling:
- Worst Spending Slump Since 1942 Paces 'Scary' U.S Recession --Bloomberg
- Eager Investors Buying U.S. Debt With Zero Yield To Protect Cash --NYT
- World Hunger Soars --Financial Times
- Illinois Governor Charged With Corruption --WSJ
- GMAC Fails to Qualify as Bank Holding Company, Casting Doubt on Survival --Bloomberg
- Sony raises Axe over 8,000 Jobs as Economy Worsens --Guardian
- Tough Times May Force Changes in Minnesota Pension Funds - Star Tribune
- AIG Faces $10 Billion in Losses on Bad Bets --WSJ
- James Tobin's Q Ratio Indicates "Horrific' Stock Market Bottom --Bloomberg
- Bank of England Mulls "Nuclear Option" of Cash Injection --Sign of the Times
- Luxury on Sale: The Lobster Glut --NYT
- Strikes Cripple a Riot-Shaken Greece - NY Times
- Preparing for a Bioterror Attack, Assisted Suicide on TV and Bird Flu in Hong Kong -NY Times
- Russia Issues New Warning to West - VOA News
Gloom and Doom is Back in Fashion --
"I used to have a 401(k)...now I've got a 201(k)..."
Wall Street Journal:
The Bailout That Won't — Would you buy a car from Congress?
- A Wall Street Job Can't Match a Life Calling - Michael Lewis, Bloomberg
- Bill Miller: A Story of a Stock Picker's Defeat - Tom Lauricella, WSJ
- Should You Jump Into the Stock Market Now? - Allan Sloan, Fortune
- Stocks the Most Undervalued Since 1974 - Mark Hulbert, MarketWatch
- Higher Ed Spending: Another Phony Stimulus? - Steven Malanga, RCM
- Why Attempts at Mortgage Fixes Have Failed - Thomas Cooley, Forbes
- Mortgage Fixes Are Bad-Loan Lipstick - Editorial, Investor's Business Daily
- Zell's Tribune: The Canary In a Scary Mine - Jon Fine, Business Week
- Seniors face grim choices amid market shock - CNNMoney
- The Classic Perils of Inflation & Deflation - Vanessa Drucker, Fund Strategy
- To Spend On Infrastructure, Or Not - Katrina Vanden Heuvel, The Nation
- Obama: Be Wary of Following Japan's Path - Amity Shlaes, Washington Post
- Americans Content with Personal Finances - Kurt Brouwer, Fundmastery
- Has the 'Carry Trade' Been Unwound? - Scott Grannis, Calafia Beach Pundit
- Obama's Depressing Economic Delusion - James Pethokoukis, U.S. News
- Iacocca: Don't Swap Out Big Three Chiefs - New York Times, DealBook
- Credit Crisis Watch - Prieur du Plessis, Postcards from Cape Town
- Online Video: 15 Billion Views, No Profit - Doug McIntyre, 24/7 Wall Street
Santa Faces Foreclosure; Victim Of Subprime Debacle; Seeks Christmas Government Bailout -- I know, you are asking yourself, why did Santa need a subprime loan? Well, come on, if you only have a job that requires you to work one night a year, don’t you think it might be hard to get a bank to give you a regular mortgage? ...