Word: auto
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There are, of course, a host of other issues that might swing the market one way or another, from the fates of Citigroup and the auto-industry bailout to the Federal Reserve's mid-December meeting, when another cut in interests may be in the offing. Add it all up and the short-term view is - surprise - more uncertainty. "Sometimes we have year-end rallies, and we definitely could use one. We could all use a break from this bear market," says Ed Yardeni, president of Yardeni Research. "But just because we need it doesn't mean we're going...
Obama was careful in his comments about the U.S. auto industry, which is on the brink of bankruptcy and seeking a government bailout. While describing the industry "historically as the backbone of America's manufacturing base," he split the difference between advocating direct loans of the kind denied by Congress last week and doing nothing. Obama vowed to "help the auto industry," but noted, "We can't just write a blank check ... I was surprised that they did not have a better thought-out proposal when they arrived in Congress...
...Auto Industry •failure of leaders of to convince Congress to give lots of money...
...United Auto Workers head Ron Gettelfinger - who also appeared on Capitol Hill on Wednesday but has so far escaped much of Congress's wrath despite his union's crippling labor deals - used a press conference on Thursday to bash what he said was the hypocrisy of certain Detroit opponents in Congress. Many of the same Senators and Representatives who vehemently object to giving any aid to carmakers, he claimed, come from states that have shelled out big bucks as incentive to lure foreign automakers to set up plants. "It just seems odd to us that we can offer incentives...
...after John Dingell Sr.'s death, has held the chairmanship since 1981. For almost as long, he has been tussling with Waxman on energy and environmental issues. The two battled over not only their beliefs but also their home-state interests; Dingell has been fiercely protective of Detroit's auto industry and the jobs it provides, while Waxman has championed environmental interests. Canny legislators both, they have been able to work together when compromise has served each of their interests, as it did with the Clean...