@ November 11, 2008 # No Comment Yet
Shares of GM are trading at $2.92, the lowest price in 65 years, pulling down other automakers and parts suppliers. In order to survive, JP Morgan says that GM needs a bailout either from the US government or the parts suppliers. This would be over and above the $25 billion already allotted for loans to [...]
@ October 30, 2008 # No Comment Yet
74,000 jobs may be lost if GM and Chrysler reach an agreement on their proposed merger. The joint agreement could cost Chrysler 24,000 management and manufacturing jobs, along with 50,000 auto parts manufacturing jobs as a result of a reduction in car models and the closure of Chrysler plants. Automakers are facing an economic downturn [...]
@ October 27, 2008 # No Comment Yet
It’s official. Sen. Ted Stevens is a dirty politician. A federal jury found Republican Senator Ted Stevens of Alaska guilty today on seven charges that he lied about free renovations and other gifts given to him by oil contractor VECO Corp. Sen. Stevens is about a week away from his bid to extend his 40 [...]
@ October 12, 2008 # No Comment Yet
Iran plans on asking for oil output cut at an OPEC emergency meeting in Vienna in mid-November. Iran is concerned about falling oil prices affecting their investments.
Ed: Let’s make it so the middle east is concerned about really really low oil prices due to really really low US demand. Buy greener, everybody. It does need [...]
@ October 12, 2008 # No Comment Yet
Chrysler, the number 3 US auto manufactuer and GM, the number 1 US auto manufacturer, are rumored to be discussing a merger. Chrysler’s majority owner is Cerberus Capial Management LP. The talks hit a bump when the question of how to value Chrysler’s losing operations came up.
In the proposed deal, Cerberus would get GMAC and [...]
@ October 11, 2008 # No Comment Yet
On 10/10/08 Colin Powell praised Alaska Senator Ted Stevens’ sense of honor at his trial on corruption charges. Powell praised his “sterling” reputation for honesty and integrity. There is allegation that Stevens lied on Senate forms to conceal Allen’s gifts.
Federal prosecutors have accused Stevens of trying to hide more than $250,00 in renovations to his [...]
@ October 11, 2008 # No Comment Yet
Barack Obama was in Philadelphia, Pennsylvania on 10/11/08 and discussed the economic meltdown with supports. Obama feels that McCain “…doesn’t really seem to get what’s going on with this crisis. When it first started, he talked about how the fundamentals of the economy are strong. Where I come from, nothing’s more fundamental than a job.”
Obama’s [...]
@ October 11, 2008 # No Comment Yet
Senators Teddy Kennedy (D-MA) and Robert Menendez (D-NJ) have introduced a bill aimed at adding extra protections for legal and illegal workers in the face of increased enforcement raids by ICE. ICE has arrested more than 2000 people in raids in NJ this year alone. Introduced on 9/25/08, and drafted with help from the ACLU, [...]
@ October 11, 2008 # No Comment Yet
Democrats in Congress are planning to call Congress back after the election to pass $150 billion stimulus package. Key provisions would be extending unemployment benefits, food stamps, nd a tax rebate. House dems will hold an economic recovery forum on 10/13/08. However, if they try to pass before inauguration likely to be blocked by Senate [...]
@ September 16, 2008 # No Comment Yet
Although only in the senate for four years, Barack Obama has been found by the Center for Responsive Politics to be the No. 2 recipient of dirty money from Freddie Mac and Fannie Mae lobbying efforts. Freddie/Fannie used the contributions to keep federal regulators at bay. Fannie Mae and Freddie Mac recently required a federal [...]