Today's Lineup: Auto Bailout, Freddie & Fannie
You know industrial companies are preparing for a prolonged recession when they announce big layoffs and close or idle plants. That is exactly what has started to happen this week. Yesterday, Dow Chemical announced it would lay off 11 percent of its workforce, shut down 20 plants and idle 180 others. Sony followed suit today, announcing that it would lay off 8,000 employees and shut down 10 percent of its production sites by 2010.
Those huge manufacturing job cuts will certainly be factored into president-elect Barack Obama's stimulus plan. In Washington, the agenda continues to focus on the auto bailout, where Democrats continue to negotiate with the White House over certain details.
On Capitol Hill this morning, we get an update on Freddie Mac and Fannie Mae. The Post reports today that risk managers at Freddie Mac raised red flags years ago over some of the company's practices in the mortgage business. The hearing, hosted by the House Committee on Oversight and Government Reform, begins at 10 am.
Check back here throughout the day for live updates on that hearing and on the progress of the auto bailout.
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December 9, 2008; 7:15 AM ET
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