Developed World in Recession – OECD
The Organization for Economic Co-Operation and Development (OECD) announced that the world’s developed economies are in a state of recession with further losses expected in 2009. According to the OECD, this is the first time since 1974 that the US, Europe, and Japan have all slipped into a recession at the same time. More
US Deficit Hits Record $237.2 Billion
With November came the start of a new fiscal year for the US – it also marked a record deficit of just over $237 billion for the month of October – a figure four times greater than the deficit for the same month, one year ago. More
BOJ Hopes to Avoid Further Interest Rate Cuts
Despite a pessimistic outlook, Bank of Japan Policy Board member Seiji Nakamura noted earlier today that the central bank hopes to avoid further interest rate cuts after cutting the overnight rate from 0.5 percent to 0.3 percent two weeks ago. More
Obama Wants Congress to Approve $50B for US Automaker
President-elect Barack Obama is calling for Congress to provide $50 billion to the US automakers in an attempt to save the “Big 3”. Any relief would be subject to the appointing of some form of oversight to ensure the money is used as intended. More
See also – Goldman Sacs Suspends GM’s Rating stating that the company requires at least $22 billion in immediate aid.
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