Friday, December 12, 2008

More economic troubles.

Union balks and $14B auto bailout dies in Senate...
GM Retains Bankruptcy Counsel...
BANK OF AMERICA to cut 35,000 jobs...

...final could be higher

Shock claim: Most big banks 'bankrupt'...
Oil ministers say OPEC needs big cut; Watchdog sees first fall in oil demand since 1980's...

Senate Rejects Auto Industry Bailout After Talks Fail : “I dread looking at Wall Street tomorrow,” Majority Leader Harry Reid said before the vote in Washington. “It’s not going to be a pleasant sight.”

Victory For Chicago Workers: Reach Deal, End Sit-In: Jubilant workers, cheering and chanting "Yes We Can," celebrated outside a Chicago factory after approving a $1.75 million agreement to end their six-day sit-in, which had become a nationwide symbol of the plight of labor.

Video: Chicago Workers End Sit-in at Shuttered Factory

Bank of America Plans to Reduce Work Force by 35,000: Bank of America expects to have a final plan early in 2009 and estimates it will project the reduction of approximately 30,000 to 35,000 positions over the next three years. A final number will not be determined until early 2009.

Foreclosure Storm Will Hit U.S. in ‘09 Amid Job Loss: U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing “storm” of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.

Ohio sheriff orders deputies not to evict: A sheriff in southwest Ohio has ordered deputies to ignore eviction orders when people have nowhere else to live.

Weekly jobless claims jump to 26-year high: The number of U.S. workers filing new claims for jobless benefits surged to a 26-year high last week, Labor Department data showed on Thursday, as a deepening recession forced employers to cut back on hirings.

Retail sales post big drop in November: U.S. retail sales excluding autos posted their biggest monthly drop in five years in November, as consumers, spooked by a deepening recession, pared spending for a third straight month, a private report released on Thursday showed.

"Nasty Recession" for U.S. to Include Four Quarters of Declining GDP: In its fourth quarterly report of 2008, the UCLA Anderson Forecast predicts that the current recession inflicting the national economy will feature four quarters of negative growth (followed by very tepid growth rates) and rising unemployment rates that last through 2010.

A tattered safety net for US unemployed: : As a rising number of Americans sign up for unemployment benefits, many of the state-funded trusts that pay them are on the decline. At least 12 of them are on the brink of insolvency. In 20 other states, the funds have lost value, even before the big job losses of the past two months.

Report: Recession has 43 states facing financial trouble: Map highlights 43 states said to be facing budget shortfalls

GM Faces Bankruptcy As Bailout Talks Collapse

Chrysler Suppliers Demand Cash Over BK Fears

GM May Lose 40% Of US Dealers

7 Auto Parts Suppliers On Negative Watch

Auto Bailout Talks Collapse Over Union Wages

Most Big US Banks Totally Bankrupt

KB Toys Declares Bankruptcy, Faces Liquidation

Bank Of America To Slash Up To 35,000 Jobs

Ex-Nasdaq Chair Nabbed in $50 Billion Fraud

2009 - Cites & States BK, Malls Close, Higher Taxes

If The US Loses Ownership Of Ford, GM, Chrysler...

30 Yr Fixed Mortgage Rates Drop Again

US Jobless Rate At 26 Year High

California Faces Bankruptcy - $15 Billion In Debt

Oil Nears $48 As Dollar Falls

US Trade Gap Unexpectedly Widens

US Gasoline Demand Rises As Prices Drop

Russian Buy Jewelry, Hoard Dollars As Ruble Plunges

Boeing Delays 787 Delivery For Fourth Time

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