President-elect Barack Obama has arrived in Washington, DC, just 15 days out from his historic inauguration. The Obama have moved into Hay-Adams Hotel on a temporary basis as Obama,’s daughters begin school at their new location.
For Obama, gone are the transition days of Chicago, and the press has now begun to implement the Obama Agenda. [...]
David Axelrod, Senior adviser and campaign manager to President-elect Barack Obama, said today that the ailing economy will not halt the effort by Obama to reduce taxes from the middle class, a key and critical campaign theme.
According to Axelrod,
“We feel it’s important that middle-class people get some relief now,” Obama adviser David Axelrod said.
Middle-class tax [...]
Well, in what seems to be a constant feed of bad news, economically, we bring you more.
Jobless claims rose 30,000 last week to a 26 year high rising to 586,000.
Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 586,000 in the week ended Dec 20 from a revised 556,000 the prior week, [...]
Stocks turned down today, likely on the news of the sharp losses for the first time in its history at Toyota Motors and profit losses from Walgreens Pharmacies.
Dow Jones: - 63.01 (8516.10)
NASDAQ: - 31.97 (1532.35)
OIL UPDATE … Crude dropped $2 a barrel. Hey, if we are going to have drops like this, keep showing me [...]
This isn’t just an American recession. It isn’t just the US Automakers hurting.
AUTOMAKER STRUGGLES … Toyota is set to announce its first loss in its 71 year history. The losses are expected to amount to $1.66 billion. With the global economy now strongly descending into a worsening recession, demand for new cars has plummeted causing [...]
The Bush Administration has hatched a plan that will permit a total of $17.4 billion in loans to the struggling Big Three automakers. In exchange for the loans, the automakers will undergo restructuring.
Under the terms of the plan, if the companies can’t demonstrate financial viability by March 31 the loans will be called and the [...]
The following is an insider account of what happened with the auto bailout, why it didn’t get done and what the Republicans did to try to destroy a major industrial union and drive down the wages of American workers. The details are fascinating. Read on…
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As you know, the Senate negotiations on a compromise auto bridge [...]
Wow. Don’t think things are going to get any better real soon. In fact, the Obama Administration has signaled and is deeply worried that the worst, much wrose, is yet to come before the economy begins recovery.
Number of jobless benefits just in the past week was 58,000.
The U.S. labor market weakened further last week, with [...]
The United States House of Representatives voted in favor of the $14 billion bailout of the Big Three automakers tonight. The much anticipated plan, at least from a Wall Street perspective, will now head to the United States Senate where it will face a mounting opposition in the Republican Caucus. The Senate Democrats only have [...]
The Stock Market posts pretty nice gains today led by auto stocks. Markets are responding with optimism that President-elect Obama’s plan to significantly boost infrastructure spending will help spur economic growth.
DOW: +298.84 (8934.26)
NASDAQ : +62.43 (1571.74)
Oil Update … Oil ends a 6 days slide and finished up at $43.63 a barrel, up from [...]
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