rdan (hat tip Movie Guy) FOR RELEASE: 2008-12-12GM Announces Significant Production Cuts for Q1 ’09 Moves In Direct Response to Rapidly Deteriorating Market Conditions DETROIT – General Motors announced today a significant reduction of planned production for the first quarter of 2009 due to the ongoing and severe drop in industry sales, which were down […]
rdan The Detroit Free Press carries this statement: “The UAW is deeply disappointed that Senate Republicans have blocked the bipartisan legislation that was agreed to by President Bush and congressional Democrats. “In an effort to work out a compromise, the UAW was prepared to agree that any restructuring plan should ensure that the wages and […]
rdan Naked Capitalism Yves points to this NYT article. The quote is a very short part of a longer discussion. General Motors and Chrysler, for example, owe their suppliers a total of roughly $10 billion for parts that have been delivered. G.M. has held off paying them for weeks, and Chrysler is paying in small […]
rdan The AP reports that the 15 billion is not available to the auto companies: Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse. General Motors Corp. and Chrysler LLC, which have said they could run out of […]
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I don’t feel like talking about economics right now, so let’s talk Rock and Roll. The contract with Van Halen’s legendary “brown M&Ms” rider has been published by The Smoking Gun. And it was there for purely rational reasons: While the underlined rider entry has often been described as an example of rock excess, the […]
By Spencer The real trade deficit has been contracting so far this year and accounted for a major portion of growth this year. Just another example of how in the new world the US exports recessions. But this quarter this is changing. We now have Oct and Nov real trade data that will enter into […]
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rdan The GAO reports on the complications of measuring the effectiveness (or ineffectiveness) of TARP actions. TARP’s activities could improve market confidence in institutions that choose to participate and have beneficial effects on credit markets, but several factors will complicate efforts to measure any impact. If TARP is having its intended effect, a number of […]
Robert Waldmann According to Ezra Klein (who is very gentle in his criticisms) Summers wrote the following As for [Milton] Friedman — I’m not so sure he looks bad. What is most screwed up today? GSEs, Citibank, regional banks. What is most regulated? Same list. What is least screwed up? Hedge funds and the like. […]