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Wednesday, December 10, 2008

The Crash of '08 Roundup — December 10, 2008

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...

Todd Harrison / Minyanville:
Does anybody else not wanna pick up a newspaper anymore? I mean, Jeez, it's just plain nasty out there. A sampling:
Wait... lobsters on sale? I knew times were tough but lobsters?...
More good news:
Bill Bonner / The Daily Reckoning:
Gloom and Doom is Back in Fashion --
"I used to have a 401(k)...now I've got a 201(k)..."
Paul Farhi / Washington Post:
Hit by Recession, NPR to Lay Off Seven Percent of Staff — Faced with a sharp decline in revenue, National Public Radio said today it will pare back its once-flourishing operations, and institute its first organization-wide layoffs in 25 years...
David Leonhardt / New York Times:
$73 an Hour: Adding It Up — Seventy-three dollars an hour. — That figure — repeated on television and in newspapers as the average pay of a Big Three autoworker — has become a big symbol in the fight over what should happen to Detroit. To critics, it is a neat encapsulation …
Wall Street Journal:
The Bailout That Won't — Would you buy a car from Congress?
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? ...

Santa Foreclosed----

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia