Business

Big Three Delay
by Milota Sidorova

This should be breaking point for automakers that have taken their 15 minutes of fame this week. And despite of fierce Democratic efforts to convince Congress to pass half-backed legislation, we've seen some dramatic changes within this party on Thursday.
Was it merely a result of huge republican critics or public respond?
No one knows, but now it's a fact Democrats postponed this activity and cut off automakers' hopes in this form.
'Until they show us plan, we can't show them the money' said Democratic Speaker Nancy Pelosi. And that's the rough outline of whole discussion.
Democratic party declared Congress wasn't going to pass neither hear about bailout, until it receives reasonable long-term to hold the companies. The possible funding shouldn't cover lobbying people, executives' pay packages neither dividends. The government should get the share on future earnings.
Automakers immediately promised to submit the project as soon as possible.
However, another delay will naturally sharp troubling emotions on markets, so there will be some inevitable economic drops and job cuts.
Thursday always reports weekly unemployment. Actual numbers are, definitely desperate.
More than 10 million of Americans are seeking job this week. To ease the situation, Congress approved extended unemployment's benefits during upcoming holidays and even White House was ready to confirm it. Let's go back to unemployment issue.
If any of Big Three will collapse, the numbers will rise 2.5 million. Nevertheless, one should ask how much the number grows when required plans will pass through Congress.
GM and Chrysler have already declared they are nearly bankruptcy and are hardly to survive the end of the year. So increasing unemployment seems to be highly possible reality.
Democrats scheduled upcoming hearing on December 2 and the vote day might come week after.

Wall Street reported massive loss, after Democrats reported delay. Dow Jones failed to 7,552.29 points loosing more than 444.94 points on Thursday. Technologies went down in the same rhythm, loosing 5.07 percent and S&P 500index ended with zero gain zero loss.


Kongres odložil rokovanie o automobilkách, pokiaľ nepredložia plán trvalo udržateľného rozvoja.


related story: http://news.yahoo.com/s/ap/congress_autos;_ylt=AnMTy09qjuabrpISbwxccPOs0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 12:28 AM