Dec 19 White House Announces $17.4 Billion Auto Rescue By PBS News Hour The Bush administration announced a rescue plan for the sinking U.S. auto industry Friday, offering $17.4 billion in loans conditioned on concessions from carmakers and a return to viability by March 31. Continue reading
Dec 18 Watch Automakers Idle Plants While Awaiting Federal Action Faced with historically slow sales, the big three auto companies have made more cost-cutting moves, including temporarily shuttering plants, in an attempt to stay afloat while the government debates an auto industry aid package. A reporter in Detroit provides an… Continue watching
Dec 18 People Keep Spending. Has Anything Changed? Question/Comment: I have been amazed by how we’ve been told of a crisis since 9/11. It was going to ruin the U.S. economy, then it was Afghanistan, Iraq, Katrina, the Midwest floods, the fires, the hurricanes, oil prices, the… Continue reading
Dec 18 Are Banks Really Making Short Term Loans to Other Banks for Zero Interest? Question/Comment: When people speak of the Fed funds rate being zero, does that mean that banks are literally making short-term loans to other banks for NO INTEREST WHATSOEVER?… Continue reading
Dec 18 Chrysler, Ford Announce Plans to Shutter Plants By PBS News Hour Chrysler LLC is closing all 30 North American manufacturing plants for at least a month, the company's latest cost-cutting move as the big three auto makers struggle to stay afloat while waiting for a government decision on aid to the… Continue reading
Dec 17 Watch SEC Looks Inward at Regulators' Handling of Madoff Case The SEC chairman has criticized his own agency's failure to investigate warnings about Bernard Madoff, who is accused of a massive fraud scheme. Analysts examine the SEC's inquiry. Continue watching
Dec 17 LA MOCA Weighs Options in Face of Financial Struggles The Los Angeles Museum of Contemporary Art (MOCA) is struggling to keep its doors open and hold onto one of the world's best collections of post-World War II art. Continue reading
Dec 17 OPEC Agrees to Record Output Cut to Combat Falling Oil Prices By Admin, PBS News Hour Oil prices fell to their lowest level in four years Wednesday, despite news that the Organization of the Petroleum Exporting Countries agreed to a larger-than-expected oil production cut of 2.2 million barrels per day. Continue reading
Dec 17 Is the Bernard Madoff Financial Fiasco Tied to the Global Economic Meltdown? By Business Desk Question/Comment: How is the Bernard Madoff financial fiasco tied to the global economic meltdown? Is it just a timely coincidence? The thought of a connection somehow seems important. Paul Solman: Let’s see if I can resist the urge to make… Continue reading
Dec 17 SEC Chief Rebukes Own Agency in Madoff Case By Admin, PBS News Hour The Securities and Exchange Commission issued an unusual rebuke of its own regulators Tuesday night over its failure to investigate Wall Street money manager Bernard Madoff, now accused of widespread fraud that bilked investors of billions. Continue reading