bailout

Daily News Roundup: Cars, Cows & Corruption

Wednesday, December 10th, 2008

Automaker Bailout? Although Congressional Democrats and the White House reached an agreement on the $15 billion government bailout for the automakers industry, the bill faces challenges from House Republicans. The GOP has created their own plan that would help the car companies without the American taxpayers financing it. “Republicans will not allow taxpayers to subsidize failure,” Senator Mitch McConnell of Kentucky, the Republican minority leader, said on Wednesday to the New York Times. Other GOP senators said they would use procedural methods to delay the bailout vote.

Will the bailout = no more Saturns? With the automaker deal pending, Saturn fans are concerned that GM will discontinue their line after the company performs a bailout reorganization. Although General Motors hasn’t officially announced the end of Saturn, GM said it would focus its resources on four core brands—Cadillac, Chevrolet, Buick and GMC in the plan submitted to Congress. This leaves Saab, Pontiac, Hummer and Saturn hanging on a limb. Saturnfans.com features owners who are speaking out to save their cars. Who knew Saturn had so many loyal fans?

Feeling a little fat during the holiday season? Well, you are not alone. Even the Queen of Daytime Television, Oprah Winfrey, feels like a “fat cow.” Oprah reveals her weight struggles after the scales topped 200 pounds reports CNN. Check out the video.

What does the President-elect say about Illinois Governor Rod Blagojevich arrest? According to Barack Obama’s spokesperson, Obama thinks the Governor should resign from office.  “The President-elect agrees with Lt. Governor Quinn and many others that under the current circumstances it is difficult for the Governor to effectively do his job and serve the people of Illinois,” spokesman Robert Gibbs said.  Will Blagojevich please step down?

Daily News Report: America Loves Obama

Wednesday, December 3rd, 2008

Unlike President Bush whose approval ratings are dismal, President-elect Barack Obama has received high approval ratings for his transition to the White House. A recent USA Today/Gallop poll shows that 78% approve of his transition work. And Obama is picking up favor among Democrats, Republicans and Independents for his Secretary of State choice, Hillary Clinton (69% approval rate) and his decision to keep Robert Gates as the Secretary of Defense (a whopping 80% approval rate). Let’s see if these approvals maintain when they get in office.

And can you believe that a small county in Alabama created a Barack Obama holiday? Yes, it’s true. Alabama’s Perry County will observe the second Monday in November as “The Barack Obama Day.” The county’s offices will close and its 40 employees will have a paid holiday. According the article: “The sponsoring commissioner, Albert Turner Jr., said the holiday is meant to highlight the Democratic president-elect’s victory as a way to give people faith that difficult goals can be achieved.”

And more bad news for automakers… According to the Associated Press, General Motors’ sales dropped 41 percent in November and Ford’s sales also fell 31 percent last month. It appears that the U.S. automakers may need that bailout, after all. GM, Ford and Chrysler pleaded for more than $38 billion dollars of government assistance including loans Tuesday. The companies are now asking for more than the $25 billion they requested two weeks ago and state they don’t have a Plan B. An intervention of some sort is predicted based on House Speaker Pelosi recent remarks.

American car companies are not alone in their financial worries. Toyota and Honda also saw their sales plunge in November, 34 and 32 percent, respectively. With the economy in a recession and consumer confidence in the tank, it’s no wonder people aren’t buying cars—even with crazy low gas prices which hit a three-year low Tuesday.  And Chrysler’s CEO is warning that an automaker industry failure could send the country into the dreaded D-word: a depression.

One Bush leaving Capitol Hill and another one coming in? Possibly. Jeb Bush, the former Florida governor and younger brother of Pres. Bush, is considering running for Republican Mel Martinez’ Senate Seat, according to an email exchange between Bush and Politico. Martinez said he will not seek reelection on Tuesday.

Daily News Roundup: SuperObama to the Rescue

Thursday, November 20th, 2008

Obama to the rescue! Burning up in California? Well, President-Elect Obama’s got your back. Our boy’s campaign website is asking folks to help the victims of the southern California wildfires by volunteering their time or donating to the cause through his website. Finally! A president that gives a shite.

China finally decided to check itself. The Chinese government announced today that will implement some food safety standards and start regulating its dairy producers. At least four babies have died over the last three months, due to complications from ingesting milk products contaminated with an industrial chemical. This isn’t the first time China has promised to clean up its act, so let’s not hold our breath . . .

Flying private jets to ask for handouts? Here we go again. Top execs from the three big auto companies—Ford, Chevy, and GM—flew to Washington, D.C. on their fancy private jets to ask for fat taxpayer handouts for their struggling businesses. During their meeting, they also promised to streamline their operations to cut down costs—you know, like, instead of drinking sparkling water, they’ll now drink regular ol’ bottled water on board those private jets. It’s a tough concession, but somebody’s got to do it.

Canada officially wins the Miss Congeniality award. The Supreme Court of Canada ruled today that obese people are allowed to reserve two seats for the price of one on airlines. The one-person-one-fare policy is a significant win in the ongoing dispute over whether airlines should mandate individuals over a certain weight to purchase two seats when they fly. The airlines argue that patrons seated next to these folks are denied a certain degree of comfort and space on flights. My question is: What comfort? And what space? Unless we’re any one of the execs from the three big auto companies mentioned above (ahem, ahem) we get no comfort and space up in those jets.

Hey Mickey, you’re so old. You’re so old, you smell like mold. Hey Mickey! Everyone’s favorite animated mouser turned 80 years old this week. In honor of the occasion, I hear the animators are going to replace those fashionable red trunks with an even better look—a Disney-themed adult diaper. W00t! W00t!

Daily News Roundup: Marriage, Money and More…

Wednesday, November 12th, 2008

Gay marriage scored a victory Wednesday in Connecticut. A Superior Court judge issued its final ruling to uphold the earlier 4 to 3 Connecticut State Supreme Court ruling that said same-sex couples have the right to wed. This recent news stands in sharp contrast to California’s Prop. 8 referendum that banned same-sex unions in that state.

Where in the world is Osama bin Laden? That is exactly what President-elect Barack Obama wants to know according to his national security advisers. Obama plans to renew the United States’ commitment to finding the al Qaeda leader. During the Oct. 7 presidential debate, Obama said, “We will kill bin Laden. We will crush al Qaeda. That has to be our biggest national security priority.”

And Obama appears to be sticking to his principles and promisesPresident-elect Barack Obama will not allow lobbyists to help pay for any costs related to his transition to power said his transition team yesterday. As he promised to keep big-time money interests and lobbyists out of his campaign, Obama remains firm that lobbyists will not foot his transition and inauguration bills.

Mo’ money, mo’ money, mo’ money for more finance companies? U.S. Treasury Secretary Paulson is seeking to include non-bank financial institutions, such as credit card, car loan and student loan companies into the government’s $700 billion bailout. Paulson said Wednesday that he wants to help American households and businesses have access to various credit and borrowing options. Apparently, there is still $350 billion that is uncommitted after putting the first half into direct capital investments into banks.

And for troubled homeowners, the verdict is still out on government help. The House Committee on Financial Services is looking at what the banking industry can do to help distressed homeowners. Chairman of the committee, Rep. Barney Frank, told CNN “not all borrowers should necessarily be rescued.” Some banks like Citigroup and IndyMac have taken matters into their own hands and launched homeowner programs. Yet “Mark Zandi, chief economist for Moody’s Economy.com, estimates that 1.6 million Americans will lose their homes this year through foreclosure or distressed sale, and that another 1.9 million families will lose their homes in 2009.”

On the tech front…. Hoping for a boost in e-mail users, Google adds video and audio chatting to Gmail with new service called Google Talk. Although video and audio chatting aren’t new technologies, Google’s the first major email provider to add the new technology directly to its email system. Google wants to gain the lead on Yahoo and Microsoft, which still have more users.

Money 101: A Cribsheet to the Economic Crisis and Bailout

Monday, October 6th, 2008

You know we’re in deep shite when economists (and Barack Obama) start comparing these hard economic times to what went down during the Great Depression.

“This feels very similar, historically, to 1929 and the emotions that filled the air in the months and years that followed the crash . . . There is a sense of extraordinary shock and astonishment, which is followed by a sense of rage, outrage, and anger directed at the centers of finance,” Steve Fraser, author of Wall Street: America’s Dream Place, said in a New York Times article published over the weekend.

So what exactly happened here? Methinks we’ve been spoon-fed a rather large dose of déjà vu.

Let me explain:

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