In economic news this week, President-Elect Obama named Governor Bill Richardson of New Mexico as his choice for Commerce Secretary. In other news, The CEO’s of the big three automakers are back in Washington asking for $34 billion in bailout funds. Ford is in the strongest position of the three and asking for access to $9 billion just in case they may need it down the road. GM and Chrysler are asking for funds by the end of the year to keep them from filing for bankruptcy. The automakers union is also in Washington for the hearings and is looking for ways they can help the automakers survive by making concessions.
Most Americans are not in favor of bailing out the automakers. They are tired of bailing out companies when it seems that help to main-street is no where in sight, especially with so many layoffs being announced. The President-Elect and Congress are hoping to come up with a stimulus in January once he is sworn in as President.
Thursday, December 4, 2008
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