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Influential analyst Meredith Whitney remained bearish about the economy, while some Republicans remain skeptical and continue to oppose a bailout. Following are today's top videos:
State of Financials with Meredith Whitney
“My fears right now are resting with consumers. The U.S. consumer has not been a part of what’s happened to Wall Street in terms of the massive liquidity contraction on Wall Street. Now, with the banks contracting so much capital…the consumer risks having their liquidity cut back dramatically and risk losing their jobs.”
—Meredith Whitney, Executive Director Equity Research, Oppenheimer & Co.
Republicans Bash Auto Bailout
“[Through this bill] you can see the influence of the UAW and the management of General Motors [GM
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] and Chrysler…Of course I’m going to oppose this barring a real strong alternative. I will not support this kind of legislation.”
—Sen. Richard Shelby, R-AL
Auto Agreement
“The president’s designee is empowered to bring all those stakeholders, creditors, dealerships, bond holders, labor unions, management, to bring all those people together for a set period of time to see whether they can negotiate a plan for long-term viability.”
—Joel Kaplan, White House Deputy Chief of Staff For Policy
Trump Talks the Economy
“Sam is a brilliant guy but he went into something, and frankly, it got a lot a lot worse after he went in. The economy tanked and that particular business tanked. They talk about a lot of papers in trouble—I hear the New York Times is in huge trouble…You have a real tough industry, and [Sam Zell] got into it.”
—Donald Trump, Chairman & President, Trump Organization
Zell’s Paper Pains
“…In an operating leverage business like this, 20 percent reduction in gross revenue is a disaster on the cash-flow line. In the end, my responsibility is to preserve the value of the company and to make sure that it will go off on into the future and our action was pre-emptive in nature so was to preserve the assets of the company and create the opportunity for reorganization.”
—Sam Zell, Chairman, Equity Group Investments & Tribune
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