Items of Interest:
Big 3 Automakers have become the "Little 3" as they continue to slide. Will the Bush Administration help them under the TARP?
Associated Press:
$14B auto bailout dies in Senate — WASHINGTON - A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end.
related:
- CEOs Seeking Bailouts Should Be Willing to Resign - Carly Fiorina, WSJ
- A Hybrid Vehicle = 1/3 Bailout + 2/3 Chapter 11 - Robert Reich
- Force Big 3 To Bid Against One Another for Money - Eliot Spitzer, Slate
- Car Czars and Other Blasts to the Past - Robert Tracinski, RealClearMarkets
- Chapter 11 Is Right for U.S. Carmakers - Joseph Stiglitz, Financial Times
Rescue Bid for Detroit Collapses in Senate — WASHINGTON — A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three. — Senate Majority Leader Harry Reid of Nevada suggested …
Todd Harrison / Minyanville:
It's not a shocker that Bush is gonna try to toss General Motors (GM) and Ford (F) under the TARP until after he leaves. A Detroit toe tag isn't the exclamation point he wants on his presidency and, well, he (personally) won't need that money next year anyway...
Steve Benen / Washington Monthly:
Pan Pylas / Associated Press:It's not a shocker that Bush is gonna try to toss General Motors (GM) and Ford (F) under the TARP until after he leaves. A Detroit toe tag isn't the exclamation point he wants on his presidency and, well, he (personally) won't need that money next year anyway...
Steve Benen / Washington Monthly:
‘THE PARTY OF HERBERT HOOVER’.... On Wednesday, Dick Cheney met with Senate Republicans and emphasized the importance of keeping the American automotive industry afloat. “If we don't do this, we will be known as the party of Herbert Hoover forever,” the vice president said.
Discussion: The Hill's Blog Briefing Room, Left in the West, PoliBlog, Washington Post and The New Republic
World markets plunge as US auto bailout fails — LONDON - World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.
Discussion: The RBC
Bush changes mind, may save auto giants — Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M. and Chrysler. — A frustrated Republican
congressional official said … Discussion: Reuters and Pajamas Media
Manu Raju / The Politico:
Frank James / The Swamp: Cheney: It's ‘Herbert Hoover’ time — Senate Republicans' dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk. — While the high-stakes
gambit places them squarely within the mainstream of anti-bailout public sentiment …Discussion: TIME.com, Hot Air, Democracy in America, Time and MSNBC
New York Times:
Auto Suppliers Share Anxiety Over a Bailout
Jim Puzzanghera / Los Angeles Times:Discussion: DealBook, Washington Monthly, naked capitalism, Bark Bark Woof Woof, Salon and Balkinization
Senate Republicans kill auto bailout bill
CNN:Discussion: AMERICAblog News, The Note and The Reaction
Auto bailout bill dies in Senate
Pat G. / Wonk Room:Discussion: the talking dog
Conservative ‘No-Bailout Alternative’ For Automakers Amounts To Union-Busting
Discussion: McClatchy Washington Bureau, Oliver Willis, Bloomberg, RedState, Betsy's Page, Pam's House Blend, Firedoglake and Spin Cycle
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New York Times: Prominent Trader Accused of Defrauding Clients — On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman …
Discussion: theheretik.us, The RBC, Balloon Juice and The Washington Independent
Reuters:
Bernard Madoff arrested over alleged $50 billion fraud — NEW YORK - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud
cases ever....Discussion: Donklephant
Wall Street Journal:
Top Broker Accused of $50 Billion Fraud -- Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called "a giant Ponzi scheme." ...
Doug Kass / TheStreet.com:L'Affaire Madoff, If True, Is Bigger Than Tyco or Enron -- the Madoff fraud is another example of a derelict SEC. What is even more astonishing is that Madoff runs a broker/dealer through which the accounts are actively managed...
SEC.gov:
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme
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- It's Time To Stop Improvising Our Way Out of Trouble - John Gapper, FT
- The Best Stocks for 2009 - J. Birger, K. Benner, S. Gandel & M. Kimes, Fortune
- Six Stocks That Are Resisting Recession - Jack Hough, SmartMoney
- What Will the FOMC Do at Next Week's Meeting? - D. Lachman, American
- The Marie Antoinettes of Corporate America - Fisman & Khurana, Forbes
- How Sheila Bair Became the Consumer's Champion - Betsy Morris, Fortune
- One Real Leader, We Avoid this Mess - Steven Pearlstein, Washington Post
- Deregulation and Bailouts Can't Coexist - David Howard, RealClearMarkets
- Fury Builds Over Crisis at Banks - Floyd Norris, New York Times
- A Humble Set of Economic Predictions - Irwin Stelzer, Weekly Standard
- Hedge Funds and Private Equity Hurt Us - Nicholas Von Hoffman, Nation
- Job Losses in NYC Start Reaching Up the Ladder - Patrick McGeehan, NYT
- Overinvestment In Housing Harms Economic Growth - Susan Lee, Forbes
- Budget Hawks and neo-Keynesians: A Love Story - Jonathan Chait, TNR
- Accessing Our Abundant Supply Of Oil - Editorial, Investor's Business Daily
- In China, Anger Rises As Economy Falls - Barbara Demick , LA Times
- Bill Frey's Radical Ideas on How To Fix the Housing Market - Hot Property
- The M&A Slowdown by the Numbers - Stephen Grocer, Deal Journal
- Finally, A Spirited and Thoughtful Defense of CDS - Market Movers
- Another Data Point, Another Reason To Worry - Capital Spectator
- On the Defects of Mark-to-Market Accounting - Brad DeLong
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