left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Thursday, December 4, 2008

The Crash of '08 Roundup — December 4, 2008

Items of Interest:

---
From left, Rick Wagoner of General Motors, Ron Gettelfinger of the U.A.W, Alan R. Mulally of Ford and Robert L. Nardelli of ChryslerNew York Times:
Back on Capitol Hill, Auto Executives Still Find Skeptics --As the Senate banking committee debated a potential rescue package for American automakers, the committee chairman, Senator Christopher J. Dodd of Connecticut, suggested that it would be difficult for lawmakers to approve a financial lifeline for the three companies.

Mr. Dodd used his initial round of questioning to stress that the Bush administration or the Federal Reserve could act unilaterally to aid the auto industry. The chief executives of the Big Three — Alan R. Mulally of Ford, Rick Wagoner of General Motors and Robert L. Nardelli of Chrysler — were before Mr. Dodd’s committee on Capitol Hill asking for $34 billion in assistance...
Discussion: Commentary, Hot Air, The Crypt's Blogs, Capital Gains and Games and A Blog For All

related:
Reuters:
Chastened U.S. auto CEOs beg for billions -- Having grounded their luxury jets and agreed to work for $1 a year, the heads of the "Big Three" U.S. automakers dropped arrogance for humility on Thursday in a new plea for federal help to survive.

"We're here today because we made mistakes, which we are learning from," General Motors Corp Chairman and CEO Rick Wagoner testified at a hearing of the U.S. Senate Banking Committee....
----
Wall Street Journal:
Harvard Hit by Loss as Crisis Spreads to Colleges -- Harvard University's endowment suffered investment losses of at least 22% in the first four months of the school's fiscal year, the latest evidence of the financial woes facing higher education.

The Harvard endowment, the biggest of any university, stood at $36.9 billion as of June 30, meaning the loss amounts to about $8 billion. That's more than the entire endowments of all but six colleges, according to the latest official tally.

Harvard said the actual loss could be even higher, once it factors in declines in hard-to-value assets such as real estate and private equity -- investments that have become increasingly popular among colleges. The university is planning for a 30% decline for the fiscal year ending in June 2009...
----
Paul Krugman:
Real balance effects (wonkish) -- I’m continuing to indulge myself over Depression economics. So here’s a reply to people wondering why I dismissed the real balance effect — the fact that a fall in the price level raises the real value of the money supply (or more strictly the monetary base) and hence makes people wealthier, possibly raising aggregate demand even if interest rates are stuck at zero...
Discussion: Open Left
----
Glenn Thrush / The Crypt's Blogs:
Hold on TARP watchdog lifted, Schumer says -- The anonymous hold on Neil Barofsky, the Bush administration's TARP special IG, was lifted late Wednesday, according to Chuck Schumer. That clears the way for a quick voice vote on his nomination.

On Tuesday, the Government Accountability Office, blasted Treasury for lack of oversight on the $700 billion bank rescue plan...

Discussion: TPMMuckraker, The Project … and Sunlight Foundation
----

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

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