Economy
GM Downsizing Jet Fleet By 2
General Motors said today that it is putting two of its five corporate jets out of service because the planes are not being used enough. The top three executives at GM, however, will continue to use the private luxurious jets for all of their business and personal travel, despite a flurry of criticism over the [...]
Slump: Dow Closes Below 8000
NEW YORK (AP) — Wall Street hit levels not seen since 2003, with the Dow Jones industrial average falling below the 8,000 mark, as the fate of Detroit’s Big Three automakers and the economy disheartened investors.
Stocks finished at their lows of the session after the automakers pleaded for relief during a second day of [...]
CEOs Begging From Private Jets
When the chief executives of Ford and General Motors flew in to Washington yesterday to ask Congress for a $25 billion lifeline, they didn’t fly coach.
General Motors CEO Rick Wagoner arrived on his comany’s cushy Gulfstream IV, ABC News reported. Ford CEO Alan Mulally flew in on a private company jet as well.
It costs about [...]
Hey! Want Some Bailout Cash?
Seriously, you can get your hands on some of the Fed bailout cash…
First President-Elect Obama Presser
CHICAGO - President-elect Barack Obama said Friday that the country is facing the greatest economic challenge of our lifetime and “we’re going to have to act swiftly to resolve it.”
Flanked by members of his economic advisory board, Obama held his first press conference as president-elect, stressing that the focus of his efforts would be the [...]
Election Day Rally: Dow Up 300
Experts expect the upward trend to continue until the end of the year.
Circuit City Closing 155 Stores
There’s been buzz on the financial boards about this for days:
Circuit City Stores announced Monday it plans to close 155 stores and lay off 17 percent of its workforce in the U.S., as the struggling electronics retailer aims to restructure its business amid a tightening credit market and downturn in business.
The News Junkie has obtained [...]
The Ride Continues: Dow Up 889
Dow jumps nearly 900 points as bargain hunters prepare for a Fed rate cut…
Barney Frank Wants Your Cash
“Yes, I believe, later on, there should be tax increases. Speaking personally, I think there are a lot of rich people out there that we can tax at a point down the road to recover some of this money.”
Democratic U.S. Representative Barney Frank explained for CNBC that the next president, Barack Obama of course, will [...]
The Economy Improved Last Month
NEW YORK (AP) - The economy’s health improved for the first time in five months in September as supplier deliveries and new orders strengthened, a private research group said Monday.
The New York-based Conference Board said its monthly forecast of future economic activity rose 0.3 percent, a better reading than the 0.2 percent drop expected by [...]
