BANKRUPT BANKER
Showing posts with label Economic downturn is accelerating. Show all posts
Showing posts with label Economic downturn is accelerating. Show all posts
Detroit automakers are in line behind governors who are in line behind banks, seeking emergency aid from Washington. Nearly $8 trillion in federal commitments is already out the door, and half of the $700 billion October rescue package has been spent. The economic downturn is accelerating. And nobody is really in charge.
Three of the most storied companies in U.S. economic history - General Motors, Chrysler and Ford - face possible bankruptcy. With GM threatening to topple by the end of this month, House Speaker Nancy Pelosi reached a compromise with the Bush administration on a temporary loan for less than half the $34 billion the automakers wanted. It is aimed at keeping GM and Chrysler alive until the Obama administration takes office. Ford said it could survive without loans so long as the other car makers avoid bankruptcies that would disrupt shared supply chains.Horrendous job losses in November - 533,000, not including 422,000 who left the workforce - exceeded the gloomiest forecasts. Economists warn that failures in Detroit will intensify the contraction, but at the same time say $34 billion in emergency loans may not save the automakers anyway.Nobody in Washington wants the automakers to fail, fearing the fallout on the rest of the economy, which is now in the kind of decline that no one under 30 has ever experienced."The economy is now locked in a vicious downward spiral," wrote Nigel Gault, chief economist of economic forecaster IHS Global Insight. The problems have spread globally, greatly magnifying the danger of a long and painful downturn.
0
comments
-
BBC Cliff Richard raid coverage was 'invasion of privacy' - BBC News - BBC Cliff Richard raid coverage was 'invasion of privacy' - BBC News: 'via Blog this' :Text may be subject to copyright.This blog does not claim copyri...
-
The Spanish Untouchables - [image: Busto del Rey Juan Carlos I de España en su vi...] A new tell-all book that details what led to Spanish king Juan Carlos giving up the throne wou...
-
'Hatchet' Gerard Kavanagh shot dead in Costa del Sol pub - Gerard Kavanagh was shot dead in a bar on the Costa del Sol Notorious gangster Gerard “Hatchet” Kavanagh was gunned down by two masked assassins yesterda...
-
Gang boss burns out garda sergeant's car while he plays football - Gardai have launched a major investigation after a car belonging to a popular sergeant was burnt-out in a grudge attack linked to gangland thugs. SHARE T...
-
Spanish police have arrested a Colombian drug boss dubbed ‘The Mouse’, the alleged leader of a major cocaine smuggling gang accused of 400 killings - Spanish police have arrested a Colombian drug boss dubbed ‘The Mouse’, the alleged leader of a major cocaine smuggling gang accused of 400 killings, offi...
