Generally, the media has portrayed the imminent bankruptcy of General Motors as if it would be the blow which destroyed the Detroit.  Now, you can see stories espousing how great it is for the economy overall that bondholders will agree to lesser terms than they initially bargained for, instead of getting back virtually nothing through [...]

[Read more →]

I don’t use a credit card, because shhhhh…I have bad credit. At this point I can get about $200 on a card, so why even bother. I’m in the minority though, as most Americans (80% of households) flash their plastic to pay for the majority of stuff.
Today, Obama will be meeting with bigwigs of the [...]

[Read more →]

UPDATE:  Chrysler has released a statement in response to Obama’s announcement saying, “We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a global alliance, supported by the U.S. Treasury.”
Click here for the full statement.
ORIGINAL: Obama is putting the smack down on the auto industry today. Neither General Motors, whose CEO Rick Wagner [...]

[Read more →]

UPDATED:Obama gave AIG a spanking today, speaking out against their bonuses. “Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat? This isn’t just a matter of dollars [...]

[Read more →]

In today’s NY Time’s column Paul Krugman get’s all unsexy, claiming out that Obama’s plan to stimulate the economy, which was supposedly “massive,” “giant,” and “enormous,” is really itty bitty. Like, “Um…is it in?” small. We won’t even feel it.
“Yet many economists, myself included, actually argued that the plan was too small and too cautious. [...]

[Read more →]

Now that the JOBZ bill has passed through the House and Senate, Obama will be signing it on Tuesday while he is traveling through Denver, the place where he accepted his Presidential bid back in August.

[Read more →]

Today and tomorrow Obama will be off on his big Pass My Stimulus Or you Will Starve in Line at Soup Kitchens tour. He’ll be hitting cities where the economic hurt has been felt the most.  This morning he’s in Elkhart, Ind. and Tuesday he’ll be in Fort Myers, Fla., an area hit hard by foreclosures.
There [...]

[Read more →]

Happy Monday, everyone! I am trying my hardest to force optimism so that I do not end up lying in bed all day, depressed, and eating cheap food like ramen and Pringles. Bear with me, or hell join in, because today more than 40,000 people were amazingly laid off, with massive cuts coming from Pfizer, Caterpillar [...]

[Read more →]

Unemployed? Broke? Pissed the f#ck off?
If you want to know who to curse while lying in bed with that queasy feeling in your stomach wondering how your going to pay for rent and food and your children,  then click here. The Guardian’s got a handy list of the 25 major players that caused the economic [...]

[Read more →]

Pretty much everyone is freaked out to various degrees by the financial situation. But instead of going the trendy route and commiting suicide, why not do the less lethal thing and just squeeze the heads of Alan, Ben and Henry to relive some stress? It’s cheaper than a psychologist or Prozac and 5% of all [...]

[Read more →]

Treasury Secretary Henry Paulson is asking Congress for the second $350 billion of the bailout, ahem, rescue plan, now that the first $350 bill has been allocated to the auto industry and some vague entities.  He’ll be consulting with congressional leadership and Bam’s economic team to determine how to proceed.

[Read more →]

[UPDATE] for more, see

[Read more →]