Down but not out, the American consumer showed that he had more staying power than given credit for. Sales for November were down 1.8% but that beat most of the bearish expectations. This wasn’t enough to satisfy a lot of economists and in the interest of fairness, let me direct you to the WSJ economics [...]
Archive for December 12th, 2008
The drama continued on Capitol Hill today as the Republican minority in the Senate balked at signing onto the bill to bailout the Detroit auto companies and the Democratic majority said it was giving up. The Bush administration rode to the rescue, indicating that it would save at least GM by diverting TARP funds to [...]
MarketWatch has a short entertaining article that discusses various economic principles that are currently being bandied about in the press. It makes for some fun, light reading. No college football tomorrow so if you’re housebound due to weather and start to get cabin fever take a look at it.
Another Georgia bank was taken over by the FDIC. Haven Trust Bank of Duluth, GA went down. There sure are a lot of small failures in Georgia. Anyone have an idea why? Here’s the WSJ blurb on it: State regulators closed Haven Trust Bank of Duluth, Ga., and Branch Banking & Trust agreed to assume [...]
The WSJ is reporting that the auto talks have completely broken down over the issue of wage cuts. Once again, I believe this will be resolved. The political class isn’t going to put two of the Big Three into bankruptcy at Christmas time. Let’s get serious. Look for some sort of weekend heroics and failing [...]