SEC Chairman Christopher Cox is proud of the SEC’s response to the financial crisis.
Cox said that what the SEC had done was to “stay calm, which as been our greatest contribution– not being impulsive, not changing the rules willy-nilly, but going through a very professional and orderly process that takes into account unintended consequences and [...]
Another sign that economic recovery is not imminent. MSNBC reports that defaults in mortgages that have already been modified to help struggling homeowners has risen.
The data showed that after six months, nearly 37 percent of mortgage loans modified in the first quarter were 60 or more days delinquent. After three months, 19 percent were 60 [...]
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 White House and Congress are closing in on a bailout package for the Big Three Automakers.
Jolted by the loss of thousands of jobs, congressional Democrats and the White House reached for agreement Friday on about $15 billion in bailout loans for the beleaguered auto industry. President George W. Bush warned that at least one [...]
Thee giveth, thee taketh. Isn’t that a great summary of the stock market lately? After two days on the rise, the market again retreats as unemployment claims hit a 26 year high.
DOW: -215.45 (8376.24)
NASDAQ : -46.82 (1445.56)
Oil Update … Oil prices fell 7% to $43.67, a new four year low as recession worries [...]
The Stock Market makes gains for the second consecutive day, after losing nearly 700 on Monday. That’s a plus 442.60 in the last 2 days. That;s more like it!
DOW: +172.60 (8591.69)
NASDAQ : +42.58 (1492.38)
Oil Update … Oil closed at $46.79 a barrel, a slight decline.
Gainers: Del Monte Foods sales increase [...]
OK, the Holiday is over and time for us here at 3BD to get back on track. Here are the Big Three stories that could dominate the day, news wise.
1. With the retirement of Sen. Mel Martinez in Florida, opting not top run for reelection in 2010, it moves Florida to an Open Seat and [...]
Ok, so stocks plummet nearly 700 points yesterday, but today, Automakers (GM, Ford, Toyota, Honda, and Nissan) announce steep sales drops, Goldman Sachs loses $2 billion this quarter, we are told mortgage delinquencies are suppose to double in 2009, and what happens — the market rises. Makes sense.
Dow Jones: +270 (8419.09)
NASDAQ: [...]
Oh, how nice of him.
Ford Motor Co. CEO Alan Mulally says he’ll work for $1 per year if the automaker has to take any government loan money.
Clueless. Just clueless. Mind boggling.
Ok, he will agree to work for $1 IF, notice the IF, they automaker gets federal bailout money. Why only IF the automaker gets bailout [...]
This is a daily feature to review actually preview what we4 believe will be the three big stories of the day.
1. The Democrats and the President-elect are beginning work on the foundations of an aggressive half a trillion dollar economic recovery plan. Now that the Obama economic team is in place, the hard work [...]
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