Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Obama Address to Wrap Up Big News Day

Here's what to look for today, as the markets close out a pretty bleak week:

- At 8:30 a.m., the Labor Department is set to release its October jobs numbers. Economists expect a loss of 200,000 jobs for the month, driving the national unemployment rate from 6.1 percent to 6.3 percent.

UPDATED, 8:32 a.m.: The U.S. unemployment rate hit 6.5 percent in October, the Labor Department said. Employers shed 240,000 jobs, following drops of 127,000 in August and 284,000 in September. That brings the number of jobs lost in 2008 so far to 1.2 million. (Read more details here)

The jobless rate was the highest since March 1994 and up from 6.1 percent in September.

- At 10 a.m., we'll see how much the credit crunch prevented people from getting mortgages. The National Association of Realtors will release its quarterly pending home sales index.

- Troubled auto giant General Motors plans to release its third-quarter earnings at about 10:30 a.m. this morning, and the news should be about as pretty as a '73 Vega.

Let us be clear here: The world's top automaker, the giant of American industry through the 20th century, is in real danger of no longer existing.

If the automaker can make it to 2010, union concessions will kick in and GM will be able to take as much as $4,000 out of the cost of producing every car. But GM may not make it until 2010. Economists expect the company to say it is hemorrhaging cash at a rate of a jaw-dropping $1 billion per month.

- All of this sets up for the big kahuna this afternoon: President-elect Obama will hold a news conference on the economy, following a summit in Chicago with his economics brain team. Appearing with Obama will be a living Mount Rushmore of leftward/centrist economic thinkers, including:

- World's richest man and Washington Post Co. director Warren Buffett, chiming in by spearkerphone.

- Google chairman Eric Schmidt.

- Former Clinton Treasury secretaries Larry Summers and Bob Rubin.

- Time Warner chairman (and Rockefeller Republican) Dick Parsons.

- Former Carter and Reagan Fed chief Paul Volcker.

- Democratic Michigan Gov. Jennifer Granholm.

The Ticker is Twittering!

By Frank Ahrens  |  November 7, 2008; 8:20 AM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Ford Reports Loss; Most Foreign Markets Up
Next: Dow Shrugs Off Bad News, Jumps Out of Gates

Comments

The Bush Administration did not want to leave this country with anything else except for the wheels that he, Cheney and friends used to take away everything this country has (had).

It is amazing that most commentators were talking about the swelling of his remarks yesterday about leaving the oval office.

What a crock!

Posted by: jrubin1 | November 7, 2008 9:11 AM | Report abuse

America is in an economic quandary; we are trying to bail out an economy but are ignoring our consumers, the backbone economy. We can prevent record foreclosures (i.e. http://www.BuyMyHouseBeforeOurBankTakesIt.com) and business failures but we have to act fast.

Our economic stimulus package is aimed at banks lending money to cash starved businesses. Unfortunately banks are hording money, raising rates, using bail out money for acquisitions, cutting credit and not lending only making the crisis worse.

Our economic stimulus package should be aimed at restructuring America’s debt, to free up disposable incomes to build consumer confidence to increase sales, create jobs, prevent business failures, layoff’s etc.

In a major natural disaster we offer long term low interest loans to rebuild. This “economic tsunami” calls for a restructuring of America. America’s is burdened in high interest debt. It is time to low interest loans, low interest loans are better than getting nothing at all.

Never has there been a time where America has to offer long term low interest mortgages and applying good credit debt to income ratios to these loans.

Posted by: EconomistUSA | November 7, 2008 9:13 AM | Report abuse

Americans discover they have too many cars. And unjustifiably too expensive ones to buy and to run. And it is a lot easier and rewarding to run Internet.That's not recession but consumers' satiation. But Auto-workers are not satiated with high wages and pensions, and government not satiated with revenuues from taxes on car sales. Wait for coming unanounced superhigh taxes on Internet's subscription, sales, advertizing and emailing. Even more unjustified, except by new Obamarxist-Socialist- Redistributionism.

Posted by: rivenq | November 7, 2008 10:08 AM | Report abuse

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company