After two days of meeting with the Senate Banking Committee, the CEO's of the Big Three, GM, Ford and Chrysler, were sent a letter by Senator Chris Dodd, Chairman of the Committee, and Senator Harry Reid, Senate Majority Leader, encouraging the
men, to go and talk to Secretary Paulson, to see if the Treasury Department, would provide the automakers, with a share of the TARP funds, as a short term stop gap, until early next year possibley. It appears that the Senate is not taking too kindly to the plan, presented by the CEO's, for future viability and profitability of their companies. They will appear before the House Committee tommorrow,with possibly similiar results. President Bush has indicated that he is not inclined to make available, any of the TARP money. There will be some sort of bill, next week that may or may not be passed by Congress, to provide less funds than requested, to get the compaines through the end of 2008. GM executives have stated point blank, that they cannot survive, without additional funds, any longer than December 31, 2008. Other executives in the industry have also said in interviews, that if one of the companies fails, they all fail, because of the connection to the sharing of suppliers and other ties, there will be a dominio effect. Three million jobs are hanging on the edge.
One of the problems, in my estimation, is that the Wall Streeters got to Congress first, begging for seven-hundred billion dollars, getting it without any or many strings attached for controlling the outflow or oversight, by Congress, and now, with the auto companies actually in dire straits, they have to walk over the coals, as Congresss is very dissatisfied with the direction Secretary Paulson has taken them. So the automakers have to pay for the lack of transparencey and the misdirection of the seven-hundred billion dollars already doled out by Congress.
Happy News: The Stafford Foundation and the Urban League, are reaching out to those who would like to attend the Inauguartaion of the 44th President of the United States. Barack Obama. The Foundation, and Mr. Earl Stafford will spend a million dollars, to provide hotel rooms, limousines, gowns, and other clothing for the attendees. U. S. wounded solider and others unable to afford to attend, and who are interested, should e-mail to Inaugration@TheStaffordFoundation.org
There was a report of a threat, by a terrorist group, to all of India's Airports, increasing security at each of them today.
Another day of reckoning when the jobs report comes out in the morning.
Reports are that, AT&T will be cutting twelve thousand jobs,
Dupont will cut twenty-five hundred, and Viacom will cut 750.
Pfizer is expected to cut jobs, and Hewlett-Packard is imposing salary freezes.
Capital One will be purchasing Chevy Chase Bank, according to reports.
The Bank of England cuts interest rates, to the lowest since Churchill.
ECB, Bank of England, Sweden, and Norway, all reduced rates to try to counter the recession.
Credit Suisse, to eliminate fifty-three hundred jobs, due to a $2.3 billion dollar loss this quarter.
U. S., China agree to counter crisis, will implement twenty
billion dollar trade deal. The U. S. is accelarating investments, by China banks and state funds.
Payrolls in the U. S., fell to lowest in 28 years, due to deepening recession.
Canada has no Government to assist with economic crisis, after Harper suspends Parliament.
Mexico's stock exchange to implement austere cost cuts, due to slump.
Russian economic slump deepens.
U. S. crude oil futures fell below forty-five dollars a barrel.
A Merrill Lynch analyst, stated that oil, will be below twenty-five dollars a barrel, in 2009.
A Republican Congreswoman from Florida, hung up on President-Elect Obama twice, because she thought she was being punked.
She remembered Governor Palin and her episode with the two Canadian Disc Jockeys, who pretended to be the President of France, maybe.
Speaking of Florida, Former Governor Jeb Bush,he of Bush dynastt fame,is said to be contemplating, running for the Senate seat being vacated by Republican Senator,
Mel Martinez. Mr. Bush was well liked by Floridians, and did a pretty good job as Governor according to many.
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