- U.S. jobless claims were down 21,000 to 554,000 last week
- The Philadelphia Federal Reserve's index of manufacturing improved from -39.3 to -32.9
- U.S. leading indicators fell 0.4% in November
- U.K. retail sales rose 0.3% MoM and 1.5% YoY
- (Bloomberg) -- The Bank of Japan cut its benchmark interest rate to 0.1 percent and introduced new ways of pumping money into the banking system to bolster the ailing economy.
- German business confidence (IFO) fell to its lowest level ever in December amid concerns of a prolonged recession.
- Canada’s retail sales fell 0.9% in October.
Canada’s leading indicators fell 0.7% in November.
- (Bloomberg) -- General Electric Co.’s debt ratings outlook and those of its GE Capital finance arm were changed to negative from stable by Standard & Poor’s, reflecting concern earnings could deteriorate further than previously thought.
- Bush is looking at "orderly" bankruptcy as a way to deal with the U.S. auto industry.
1 comment:
Nobody, but nobody comments on the fact that the auto companies have had two hurricanes this year. Yes, the management should have done more over time, but everybody forgets the speculative rise in oil prices that killed them the first time in 2008. Remember all those geniuses on TV connecting lines and forecasting $200 oil, $500 oil? What is a poor schmuck to do when an "expert" tells him his tank of gas is going to $300.
The second killing was the credit crunch, which the "bailout" won't because the banks are pulling mortgages and freezing car loans.
So by all means scream at the management, but be reasonable, too, because nobody else is!
http://bloodhound.blogspot.com
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