GM CEO Forced To Resign; Obama Rejects Bailout… For Now
General Motors and Chrysler seem to be running out of support in DC. In today’s speech, President Obama questioned the viability of both companies, saying more concessions were needed from stakeholders, while still emphasizing that he was “absolutely committed” to the survival of our domestic auto industry. Via MSNBC: President Barack Obama refused further long-term federal .. read more
US Economic Calendar – March 30 – April 3
Weekly calendar of latest economic events and indicators, complete with full reports, charts, graphs, and in-depth analysis. Monday GM CEO Wagoner Resigns - Full Story Tuesday Consumer Confidence – Full Report Wednesday ISM Manufacturing Index - Full Report, Charts/Analysis ADP Employment Report - Full Report, Charts/Analysis Pending Home Sales - Full Report, Charts/Analysis Thursday Initial Jobless Claims .. read more
Andrew Cuomo Issues an Ultimatum
Update: All Attorneys General aren’t publicity seeking thugs. Chuck Grassley (Ranking Republican on the Senate Finance Committee) used the AIG mess as an opportunity to lecture state AGs on their responsibilities to “consider the appropriateness of inquiring whether financial institutions located within your State have violated (or would violate) State law by making certain executive .. read more
Best Buy Results Beat Estimates
Best Buy Co., the largest consumer electronics retailer in the US, posted better-than-expected earnings results for the 4th quarter today: Via MarketWatch: Shares of Best Buy Co. (BBY) had their biggest gain this year, after investors cheered a rosier-than-expected forecast and a smaller-than-expected 23% decline in fourth-quarter profit. The nation’s largest electronics retailer said sales exceeded its expectations .. read more
Economic Report: Jobless Claims
The number of people filing for first time unemployment benefits rose in the latest week, continuing its sharp upward trend that began during the first part of this new year. According to the US Department of Labor, for the week ending March 21st, initial jobless claims rose by 8,000 to stand at 652,000. That’s slightly off the highest levels seen since October 1982. .. read more
Economic Report: New Home Sales
Sales of new homes in the US rebounded off their lowest levels on record in February, after a lackluster January in which sales were initially down over 10%. Sales jumed by 4.7% to a seasonally adjusted annual rate of 337,000 units, up from January’s initial estimate of 309,000, which was revised to 322,000 in today’s report. Despite the revision, January’s .. read more
Economic Report: Durable Goods Orders
Orders for US-made durable goods spiked higher in February, following a dismal January in which we saw total orders revised lower to a negative 7.3%. According to the Commerce Department’s monthly M3 Report, February’s durable goods orders jumped 3.4%, mostly on increased demand for machinery and other capital goods. The gain is the biggest in more than a year .. read more
Tim’s Got a Plan
Treasury Secretary Tim Geithner today unveiled his long awaited plan for relieving banks of their responsibility to own up to their past lending mistakes. He even wrote a nice Op-Ed for the WSJ to explain his plan. My comments appear in red below: The American economy and much of the world now face extraordinary challenges, .. read more
