Word: bailouts
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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...
...York Fed, he'll have to work even more closely with her from the Treasury building on the other side of the White House, as the two will be key players in saving any big banks that fail. They will also control the shape of any mortgage bailout for Americans who are at risk of losing their homes, an initiative many experts say is necessary if Washington is to get the economy moving again...
...observers believe the Big Three desperately need a change of leadership. So far, though, none of the companies have given any indication that they are willing to clean house at the top in order to curry favor with Washington. If they don't get enough votes to pass the bailout package, that refusal to put someone different at the wheel may prove to be a very costly miscalculation...
...supporters, who included a number of other committee chairmen, expressed concern that Waxman would not be sensitive enough to the need to protect jobs as the country goes through that transition. Dingell's ouster also comes as the big automakers are foundering in their bid for a $25 billion bailout, another measure of the industry's declining power on Capitol Hill...