The day after Thanksgiving is now, at least semi-officially, Black Friday. It is not funeral name like Black Tuesday in October, 1929, when the stock market crashed. No, Black Friday is, as Martha Stewart would say, a good thing because it is the day when retailers, like perhaps Stewart herself, hope their businesses start turning a profit for the year, i.e., go into the black.
Black Friday is the start of the holiday shopping season although that has eroded somewhat now that Christmas specials are being offered before Halloween and all fall retailers have been offering big discounts to woo credit-strapped consumers back into the store. And the stores are making extra effort. Kohl's is opening at 4 a.m. Friday, Toys "R" Us at 5.Read More
What are we to think of the Big Three automakers plea to Congress (and each of us) for a $25 billion bailout, euphemistically known as a bridge loan or rescue package?
During the disastrous trip to Washington by the auto companies' three CEOs (stupidly arriving on private luxury jets), the three men were unable to say exactly how much they need and how it would be spent, provide assurance they wouldn't be back in a few months demanding more money and, finally, explain why Americans won't buy their products.
You don't give your last tourniquet to a dead man, said one lawmaker. What is at the end of the bridge, another demanded. Why are Toyota's U.S. operations able to sell its cars, and you can't sell yours, another congressman asked.Read More
Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of possible losses at the stricken bank and to plow a fresh $20 billion into the company.
Regulators hope the dramatic action will bolster badly shaken confidence in the once mighty banking giant as well as the nation's financial system, a goal that so far has been elusive despite a flurry of government interventions to battle the worst global crisis since the 1930s.
A global economy in free fall, banking giants like Citigroup tetering on the precipice of collapse, auto giants like General Motors facing insolvency, faltering wars on two fronts: No President-elect in modern times has faced so much crisis as he approached inauguration day.
The question of whether or not Barack Obama is up to the job is no longer relevant. He has the job and the question now is what he will, or can, do with it. Obama says his top priority is the economy but he will face equally daunting problems on almost every front.Read More
Barack Obama's apparent decision to ask Eric Holder to be his attorney general is not without peril for a young president-elect who has repeatedly promised to clean up the scandal polluted, partisan atmosphere of Washington.
Senate Republicans will lack the strength to deny confirmation to Holder, the former deputy U.S. attorney general under Bill Clinton. But they certainly can make his nomination their first big challenge of the new administration and in the process give Obama some very bad moments by resurrecting one of the more questionable last minute actions by an outgoing president in recent history.Read More
Auto executives flew into Washington in private jets, and before long there was congressional stalemate on what they wanted, not just because of the unfortunate symbolism, but because widespread discussion had successfully blunted sharp assertions.
Despite what some contended, it became ever less certain that the $25 billion federal bailout sought by the executives would save the auto industry, that a declaration of bankruptcy would kill it or that industry demise would wound the country grievously.Read More