Word: thursdaying
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...Congress the week of Dec. 8 to pass a bailout. "Yes, we're kicking the can down the road, because that will give us the opportunity to do something positive. But that will only happen if they get their act together," Reid told reporters on Capitol Hill on Thursday...
...Kicking the can down the road, however, isn't the kind of clarity Wall Street is looking for in these dire economic times. Coming a day after the Big Three CEOs' pleas on Capitol Hill dragged down the markets, Congress's muddled maneuvers on Thursday only made investors more anxious, pushing the Dow Jones down another 400-plus points and the broader S&P 500 index to an 11-year low. (See the Top 10 Dow Jones drops...
...right after Reid and Pelosi's wrapped up, they unveiled their compromise, which would pull the $25 billion from a fund approved earlier this year to help the auto industry develop more fuel-efficient cars; that notion had actually been pushed by Republicans earlier in the week, but until Thursday, Democrats had contended that the money should instead come from the $700 billion financial-bailout fund. The deal would include strict limits on golden parachutes for executives and a timeline to pay back Congress. The Commerce Department would have to approve the applicants after judging them to be capable...
...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...
...Richard Curtin, director of the University of Michigan's survey of consumer sentiment. As if Detroit isn't hurting enough, its biggest longtime booster in Washington, Michigan Representative John Dingell, lost his powerful perch as head of the House Energy and Commerce Committee in a caucus vote on Thursday. For 28 years, Dingell had helped craft every piece of environmental legislation, but he will now have to hand his gavel to California Representative Henry Waxman, a darling of environmental groups...