Items of Interest:
Obama Said to Find Bankruptcy Likely for GM, Chrysler -- President Barack Obama believes a quick, negotiated bankruptcy is the most likely way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said.
Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can’t form an alliance with Fiat SpA, said members of Congress who were briefed on the GM and Chrysler situation before the president said two days ago that the automakers’ viability plans were insufficient...
Wall Street Journal: New GM Chief Bends to U.S. PressureMelly Alazraki / Daily Finance: Stocks in the news: General Motors, Macy's, Apollo GroupHughS / Wizbang: Obama Signals General Motors BankruptcyJoe Weisenthal / Clusterstock: Obama Turns Up The Heat On GM Bondholders
Yves Smith / naked capitalism: Obama Pushing “Quick, Surgical” Big Auto Bankruptcy FantasyPaul Sherman / CapitalBeat: White House Increasingly Talking About Controlled Bankruptcy For AutomakersPeter Cohan / Daily Finance: New GM will include Cadillac and Chevy and chuck the restSteve / Sweetness & Light: Government To Control GM's BankruptcyNoam Scheiber / The New Republic: A Bad Bank Approach for GM?
MarketWatch: Ford U.S. March sales drop 40.9%
Holman Jenkins, Wall Street Journal: GM Bankruptcy? Tell Me Another
J. Surowiecki / Balance Sheet: Automakers & The Banks: Double Standard?
March Economic Summary in Graphs -- Vehicle Miles driven in January
By this measure, vehicle miles driven are off 3.6% Year-over-year (YoY); the decline in miles driven is worse than during the early '70s and 1979-1980 oil crisis.
As the DOT noted, miles driven in January 2009 were 3.1% less than January 2008.
New Home Sales: Just above Record Low -- The Census Bureau reports New Home Sales in February were at a seasonally adjusted annual rate of 337 thousand. This is slightly above the record low of 322 thousand in January...
Gain Seen In Pending Home Sales, Housing Affordability Sets New Record --
Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3...
Boat owners are abandoning ship -- Boat owners are abandoning ship.
They often sandpaper over the names and file off the registry numbers, doing their best to render the boats, and themselves, untraceable. Then they casually ditch the vessels in the middle of busy harbors, beach them at low tide on the banks of creeks or occasionally scuttle them outright.
The bad economy is creating a flotilla of forsaken boats. While there is no national census of abandoned boats...
- Prioritizing World Growth At the G-20 - Nicolas Sarkozy, Washington Post
- G20 Won't Deal With the Big Challenge - Martin Wolf, Financial Times
- What Would Bloggers Do for Recovery? - Tim Kane & Bob Litan, Kauffman
- Stimulus Spending Does In Fact Work - David Leonhardt, New York Times
- First They Come After the Rich... - Steven Malanga, RealClearMarkets
- Doubling Down On the Welfare State - P.J. O'Rourke, Weekly Standard
- Obama's Greatest Jobs Killer - Dick Morris & Eileen McGann, New York Post
- Mark-to-Market Needlessly Destroys - Wendy Milling, RealClearMarkets
- Banks Seek Perfume for Rotting Balance Sheets - David Reilly, Bloomberg
- Toward A New Regulatory Framework - Luigi Zingales, Forbes
- Three Ways To Fight Bankers' Bonuses - Michael Brush, MSN Money
- American Capitalism, May It Rest In Peace - Editorial, National Post
- Why Was March So Bad For The Banks? - Joe Weisenthal, Clusterstock
- Obama's Recovery Is Not Your Recovery - Rich Karlgaard, Digital Rules
- Geithner's Plan Is a Nuclear Option - P. Boone & S. Johnson, RT Economics
- The Real Cost of the Geithner Plan - Jed Graham, RGE Monitor
- Rising (TIPS) Inflation Expectations - Jeff Korzenik, (in)efficient frontiers
- The Lingering Fear of Rick Wagoner's Quick Death - The Economist
- Obama Should Not Play the Car Dealer in Chief - David Brooks, NYT
- March Madness, Not March Sadness - Doug Kass, TheStreet.com
- The Danger of Anger During a Crisis - Nicholas Lemann, The New Yorker
- Obama's Loophole Quest Skips Gaping Tax Break - John Berry, Bloomberg
- The Depression Risk From the G-20 - Uri Dadush, Carnegie Endowment
- Will New Banking Regulations Survive? - Peter Thal Larsen, FT
- Housing Resists a Turnaround - Edward Glaeser, RealClearMarkets
- How To Kick-Start Employment - J. Bradford DeLong, Project Syndicate
- Payback Time for Goldman Sachs? - Colin Barr, Fortune