Word: numberers
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Last week, the White House declared that the economic stimulus plan has already created 150,000 jobs around the country. This week, the White House was looking to put some anecdotal meat on that figure. The Pace University event brought the Vice President together with a number of business owners and executives who said they had made hundreds of hires in the past few months that they probably would not have made if the stimulus plan had not passed. In fact, a number of executives said they had even been planning layoffs coming into the year, but were able...
...turns out, that's part of the reason the banks are still resisting selling into the public-private program. "The government plan continues to face a number of hurdles, including too much government overhang," says Scott Talbott of the industry group Financial Services Roundtable. Government officials say the language in a recent Senate bill requiring recipients of government "public-private" dollars to submit to oversight by the special investigator of bank-bailout funds is scaring away both sides of potential deals. "We've run into reluctance on the part of buyers and sellers," says an official. (See pictures of retailers...
...took just two months to convert its Cadillac assembly line to one that could turn out tanks. The University of Michigan at Ann Arbor buzzed with boffins working on government contracts, and in 1948, the campus had 21,000 students enrolled - or a fifth of the total number of students at every university in France. Two years earlier, a veteran editor of the Detroit Free Press wrote, without irony, "Detroit has been hailed as Detroit the Dynamic, Detroit the Wonder City...
...Detroit's golden age was very short-lived. Willow Run was never a massive success in peacetime. Henry Kaiser, who wanted to rival the Big Three, bought the plant, and in 1947 he employed 15,000 people there. But by 1953, when the plant was sold to GM, the number had dropped to 3,000. The city was already on its way to being the epitome of the Rust Belt basket case. In 1950, Detroit had a population of nearly 1.85 million; by 1990, it had fallen to just over 1 million...
...stronger than expected, showing "for the first time that policy is really gaining traction [in China]," says Eric Fishwick, head of economic research at CLSA Asia Pacific Markets in Hong Kong. At the same time, in the U.S., data showed that personal income in April rose 0.5%, an encouraging number. On a day when General Motors, once the world's largest industrial corporation, declared bankruptcy, the Dow Jones industrial average rose 2.6%. (See 25 people to blame for the financial crisis...