CITIGROUP stock drops to 13-year low, fear grows...
Finger-pointing begins as Senate nixes auto vote...
FORD, GM: Bankruptcy Filing Not an Option..
CEOs Flew Private Jets to Plead for Public Funds...
ROMNEY: 'Let Detroit Go Bankrupt'...
E-commerce companies slashing prices in frantic holiday season...
Japan Economists Call For 'Obama Bonds'
By Kosuke Takahashi
"The US will be forced to issue foreign currency-denominated US Treasures in its hour of need," said Mizuno. "The US cannot finance its deficit by itself. The US financial system cannot survive without foreign investors. We will see 'Obama Bonds' in the future." Continue
Paulson resists Democrats' call to rescue homeowners: Having committed about half of the existing $700-billion rescue fund to ease Wall Street's credit crunch, Paulson said he had no plans to spend the rest, even on the root cause of the crisis -- soaring mortgage foreclosures
October consumer prices and home starts plummet: Consumer prices dropped at the fastest rate on record in October. - The Commerce Department said new-home starts fell 4.5 percent last month to a seasonally adjusted annual rate of 791,000 units and building permits -- which signal future building intentions -- dropped 12 percent to 708,000.
Home Prices Tumble in 80 Percent of U.S. Cities : The median price of a U.S. home declined 9 percent from a year earlier and sales of properties with mortgages in default accounted for at least a third of all transactions, the Chicago- based National Association of Realtors said today
U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week: Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low.
Detroit Chiefs Plead for Aid: Senate Democratic leaders said they had not been able to muster the support for legislation that would provide $25 billion to the troubled auto industry from the Treasury Department’s $700 billion economic rescue fund.
Senate Republicans drafting alternative $25 billion aid: The Bush Administration has sent language to Capitol Hill for an alternative auto aid package that would drop the fuel-efficiency requirements for the $25 billion retooling program for automakers.
GM to invest 1 bln dollars in Brazil: The investment was part of a U.S. bailout package and would be used to upgrade car production lines before 2012, said Djame Adila, a GM's official in charge of the markets in Brazil and other member-countries of the South American Common Market which also groups Argentina, Paraguay, Uruguay and Venezuela.
Cash-starved Ford sells Mazda stake: Struggling US car manufacturer Ford is to sell its controlling stake in Japanese firm Mazda in a bid to raise cash and stay afloat. Ford is to sell about two-thirds of its 33.4 per cent stake for around $538m to Mazda and more than 20 undisclosed Mazda business partners.
China Passes Japan as Biggest U.S. Treasuries Holder: China led all foreign official investors in September by posting a net increase in U.S. Treasuries for the sixth month in the past seven, bringing its total ownership close to $600 billion. Japan was a net seller of Treasuries for the fourth month in the past six.