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"Karnac the Magnificent" I am not. Heck, for weeks I've been predicting Congress would ultimately come up with a bailout for the Big 3. So after the Senate shot down the aid package last night, it's no wonder my wife said to me, "Gee Einstein, guess you were wrong about what would happen on Capitol Hill."
With the failure to pass an auto loan bill, the Treasury Department is now essentially the "last line of defense" for the auto makers. They can now provide a bridge loan through the TARP, or provide or guarantee a debtor-in-possession facility to fund a pre-packaged Chapter 11 proceeding.
U.S. stock index futures pointed to a lower opening for Wall Street as a plan to pour $14 billion into the cash-strapped auto industry failed in the Senate, leaving the White House searching for a solution.
Stocks closed sharply lower, led by financials after comments from JPMorgan CEO Jamie Dimon and as investors worried about the fate of the auto bailout.
Stocks turned mixed Thursday as a rise in commodities stocks offset pressure from a weak jobs report and a sharp drop in import prices.
We're not talking about soft tops here. Find out why preferred shares might be the best way to play the autos bailout.
You have to give it to the Senate Republicans. Senators Shelby, Corker, Ensign and their colleagues in the GOP have been loud and effective in slowing down, if not jeopardizing the $14 Billion auto bailout package.
One of the more fascinating things in big Congressional debates like the one currently surrounding the auto industry is understanding the motivation of particular legislators in supporting or opposing a bill.
Stock index futures indicated a slightly weaker open Thursday, pushed lower by further weakening in the jobs market and a sharp decrease in import prices..
Stocks closed higher as a rebound in oil prices boosted energy shares and offset worries about the fate of the auto industry bailout.
Murky signs: Markets had rallied Wednesday morning on the belief that an auto industry bailout was all but certain. But some GOP legislators are opposing the White House deal with congressional Democrats. A top analyst sees financials in critical condition until 2010, but a peer says he's been buying bank stocks and socking them away. And a CNBC guest said commodities are going to lead a 50% S&P rally.
Stocks rode the enthusiasm over an auto makers bailout and a swift round of profit-taking to stage a rally Wednesday that offset some of the previous day's losses.
GMAC Financial Services, the financing arm of General Motors, said it hasn't raised enough capital to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan.
Seventy-three dollars an hour. That figure has become a big symbol in the fight over what should happen to Detroit, but is it reaaly what a UAW worker earns?
If Washington approves this $15 Billion bailout by the end of today or tomorrow (and yes, I think that will happen) the question will turn to who becomes the "Car Czar." It will be a presidential appointment and it will be crucial to determining if this auto bailout actually works.
U.S. stocks looked set for a sharp jump higher at the open Wednesday, as a looming deal to bail out Detroit auto makers raised investor enthusiasm for the industry.
Detroit auto makers should be rescued, but through a planned bankruptcy overseen by the federal government, according to real estate magnate Donald Trump.
Stocks declined Tuesday as more layoffs and lowered outlooks zapped the momentum out of the recent rally.
An auto industry bailout package seems inevitable Tuesday — and the dollar and U.S. stocks are riding the expectation higher. The news continued to be glum for small business owners struggling with the recession and retailers, whose holiday sales may be even weaker than expected. But top analysts told CNBC they expect a Christmas-New Year's Eve rally and see an energy stock recovery in the works.
Sony became one of the latest companies to announce layoffs in attempt to rein in costs and weather the weak economy.