*Obama completed his cabinet today:
-Congressman Ray LaHood as Secretary of Transportation.
-Congresswoman Hilda Solis for Secretary of Labor.
-Former Dallas mayor Ron Kirk for for US Trade Representative.
-Karen Mills, a former venture capitalist, to lead the Small Business Administration
Not many thoughts except that Ray LaHood is a Republican, one of two or three if I'm not mistaken, that Obama has added to his cabinet.
*President Bush released just over $13 billion in bailout funds for the the American automakers. Considering the economic hurt we are in, this is probably a good idea. One of the last things we need is another couple million people out of work. If those companies are going to fail, it needs to happen when there is enough capital available for replacement companies to start up.
*And in the biggest news, today was my last day before Christmas break. Hooray!
Showing posts with label Auto bailout. Show all posts
Showing posts with label Auto bailout. Show all posts
Friday, December 19, 2008
Friday, December 12, 2008
Non-Paper Daily, 12.12.2008
*The Minnesota State Canvassing Board (they deal with elections) directed county election officials to count approximately 1,600 wrongly disqualified absentee ballots. Franken, who is currently losing by a couple hundred votes, outperformed Norm Coleman in absentee ballots, so this is a huge boost to his chances at winning.
*The precipitous drop in oil prices is severely hurting the economies of countries that rely on its export as their primary source of income (Iran, Russia, et al., I'm looking your way.)
*Looks like the auto company bailout is a no-go due to Republican senators protests. The Bush administration, however, is poised to act, so it looks like the Big Three car manufacturers won't be going bankrupt... yet.
*Miley Cyrus received a Porsche for her birthday, but was disappointed it wasn't the car she wanted. Can't she just buy the car she wants?
*The precipitous drop in oil prices is severely hurting the economies of countries that rely on its export as their primary source of income (Iran, Russia, et al., I'm looking your way.)
*Looks like the auto company bailout is a no-go due to Republican senators protests. The Bush administration, however, is poised to act, so it looks like the Big Three car manufacturers won't be going bankrupt... yet.
*Miley Cyrus received a Porsche for her birthday, but was disappointed it wasn't the car she wanted. Can't she just buy the car she wants?
Thursday, December 11, 2008
Non-Paper Daily, 12.11.2008
*In numbers higher than predicted, unemployment insurance applications surged to a 26-year high.
*Regardless of how you feel about it, the auto company bailout plan was on track, then knocked off track, but again sees a glimmer of light. Apparently Ford can survive for awhile with out it, but GM and Chrysler are staring bankruptcy straight in the eye.
*Anti-globalization protests are spreading across Europe in response to the ever-worsening economic situation. Maybe just a little something, but maybe something much bigger.
*Without direct knowledge it's hard to tell, but Pakistan seems to be taking steps against those that perpetrated the bombings in Mumbai. If accurate, this is certainly a positive development. Pakistan has two groups in charge--the military versus citizen government--that often do not see eye to eye. There are all kinds of question marks that will continue to surround Pakistan until there is progress stabilizing the governing structure.
*Regardless of how you feel about it, the auto company bailout plan was on track, then knocked off track, but again sees a glimmer of light. Apparently Ford can survive for awhile with out it, but GM and Chrysler are staring bankruptcy straight in the eye.
*Anti-globalization protests are spreading across Europe in response to the ever-worsening economic situation. Maybe just a little something, but maybe something much bigger.
*Without direct knowledge it's hard to tell, but Pakistan seems to be taking steps against those that perpetrated the bombings in Mumbai. If accurate, this is certainly a positive development. Pakistan has two groups in charge--the military versus citizen government--that often do not see eye to eye. There are all kinds of question marks that will continue to surround Pakistan until there is progress stabilizing the governing structure.
Wednesday, November 19, 2008
Auto Company Bailout
The big question on Capitol Hill is whether or not the government should provide billions of dollars to the big three American motor companies--Ford, General Motors, and Chrysler--in order to keep them out of (probable) bankruptcy. The basic argument is as follows: The three car companies directly employ about half a million workers and indirectly employ about two million. If they go out of business the national unemployment rate would quickly go up a few percentage points. Yikes, right? The argument against the bailout is that these are three poorly run companies, dinosaurs of the past who have not changed with the times, and should therefore die just as any business would that doesn't offer a good product.
Both arguments have merit. In a recession, conventional wisdom goes, the government should increase spending and fuel the economy while it's down. Of course, there is also basic capitalistic theory that says companies must offer a good product or die. So where do I fall on the auto bailout? Not sure.
I'm leaning toward letting them fend for themselves simply because there are lots of innovative businesspeople out there who will fill the void. Who doesn't think there will be brilliant people who step up and create a big, successful auto company to fill the "American-made" slot? Perhaps, instead, the big three auto companies will step up to the tough situation and get better. Novel thought? My guess is that either option will result in better cars. The worst option? Give them unconditional money. My fingers are crossed.
Both arguments have merit. In a recession, conventional wisdom goes, the government should increase spending and fuel the economy while it's down. Of course, there is also basic capitalistic theory that says companies must offer a good product or die. So where do I fall on the auto bailout? Not sure.
I'm leaning toward letting them fend for themselves simply because there are lots of innovative businesspeople out there who will fill the void. Who doesn't think there will be brilliant people who step up and create a big, successful auto company to fill the "American-made" slot? Perhaps, instead, the big three auto companies will step up to the tough situation and get better. Novel thought? My guess is that either option will result in better cars. The worst option? Give them unconditional money. My fingers are crossed.
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