DeFazio, D- Ore., said the Formosa Mine, which is on federal and private land outside Riddle, illustrates what is wrong about the 1872 Mining Act: the Canadian companies that reopened the mine in the 1990 s have disappeared; the bond put up for cleanup was nowhere near enough to cover the true costs; and the federal government never got a penny in royalties.» Read More
Today is the day we see in clear detail how bad things are for Detroit's auto maker, and what they plan to do to fix the mess. It's a mix of bad news and hopeful promises.
Call this the start of the Big 3 becoming the smaller 3. Starting tomorrow and playing out over the course of the next week Detroit's auto makers will be telling Congress how they plan to get back in the black.
After watching the dysfunctional, bickering Congress and a Bush Administration that looks out of gas, there are finally legitimate reasons for optimism coming from Washington—and when was the last time you heard that?
The Detroit automakers have been lumped together for decades as the Big Three, but this week their agendas are diverging as they contemplate futures as drastically different car companies, the New York Times reports.
Stocks head into December with a tailwind, but the late November rally will quickly be put to the test by some gloomy economic reports and the next phase of efforts to save the struggling U.S. auto industry.
While most of us are spending a long holiday weekend relaxing or watching a cheesy new Christmas movie because your spouse loves seeing even the worst ones, this is a working weekend in Detroit. At GM, Ford, and Chrysler executives are preparing their "business plans" for Congress to review starting Tuesday.
The government’s latest effort to unfreeze credit markets may have some success, but it still raises questions about the overall US strategy in the financial crisis.
How about the outrageous request from homebuilders asking Congress for a 250 billion dollar stimulus package. These are the very companies that got us into this mess are now begging at the federal trough for a quarter of a trillion dollars so they can build more homes.
Do you want to know why the stock market was up 396 points today (this on top of Friday's 494 point rally)? Cramer says it's simple.
President Bush said there may be more government rescues of financial institutions like the $20 billion bailout late Sunday of Citigroup
Have you been listening to political leaders talk about what it will take for the Detroit 3 and the UAW to get Washington to sign off on a bailout for the industry? If so, you've heard several key words and phrases used to describe what the auto makers need to do.
There's one specific decision, Cramer believes, that President-elect Obama can make that would have immediate positive effects and "restore stability and credibility to our stock market" -- without costing a dime! It could even stop the "endless incredible pummeling of stocks." What's this miracle move, you ask? Simple: he should replace SEC Chairman Chris Cox.
With the lame-duck Congress and Bush officials unable to agree on any action to ease the financial crisis, the Dow has plunged 2,000 points since Election Day.
Hillary Rodham Clinton has decided to give up her Senate seat and accept the position of secretary of state, the New York Times reports.
House Speaker Nancy Pelosi is saying that Congress is ready to help Detroit on one huge condition. "You show us the plan (for using $25 billion to become healthier companies) and will show you the money," Pelosi said.
U.S. President-elect Barack Obama is on track to nominate Hillary Rodham Clinton as secretary of state after Thanksgiving, CNBC's John Harwood confirmed Thursday.
If you're searching for a sign that the financial crisis is no longer a national emergency, then look no further than Congress—which appears to have returned to business-as-usual mode.
Waxman will have sway when it comes to issues of intellectual property, broadcast indecency, and even the issue of how cable and telecom companies regulate data transmitted over broadband lines (aka. net neutrality).
After getting creamed yesterday, stocks opened down a couple hundred points this morning in what has become a truly dismal bear-market recession scenario. There were more bad numbers this morning on leading economic indicators that are sinking, a terrible manufacturing report from the Philly Fed index, and a big spike up in jobless claims.
So, I know I'm going a little off the Rx reservation, but as a former metro Detroiter I felt compelled to write about what's going on with the American automakers in the wake of what I see as a tremendous missed opportunity for some good PR and goodwill yesterday.
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