In the News: 18 February 2009

In the News today, Louisiana Governor, Bobby Jindal, may go it alone without stimulus money, GM sales expectations unrealistic, now wants more money, DOW drops like a brick, 300 points, and Cali. budget proposal misses mark by one vote.

Jindal Signals Louisiana May Not Take Stimulus Money

CBS News-Louisiana Governor Bobby Jindal, a potential 2012 GOP presidential candidate, has suggested his state may not be interested in all of the roughly $4 billion allotted to it in the economic stimulus package to be signed by President Obama today.

"We'll have to review each program, each new dollar to make sure that we understand what are the conditions, what are the strings and see whether it's beneficial for Louisiana to use those dollars," Jindal said, according to CBS affiliate WWLTV. read more...


GM: Unrealistic Expectations

Business Week-As promised, General Motors (GM) and Chrysler delivered their turnaround plans to the Treasury Dept. on Tuesday, Feb. 17. While both companies have slashed costs, both say they need more government cash and concessions from the union or their creditors to survive the downturn.

GM got another $4 billion from Treasury on Tuesday, completing a government commitment made in December to give the automaker $13.4 billion. But GM says that given the weaker economy and declining auto market, the company still could need as much as $30 billion in total. Chrysler has asked for $5 billion on top of the $4 billion it has borrowed from the government. read more...


Dow slips nearly 300 points

IHT-Financial gloom was everywhere Tuesday.

On Wall Street, the Dow Jones industrial average came within sight of its lowest levels in more than a decade. Financial shares were battered. And rattled investors clamored to buy rainy-day investments like gold and Treasury debt. Markets from Hong Kong to Stockholm to London also staggered lower.

It was a global wave of selling spurred by rising worries about how banks, automakers - entire countries - would fare in a deepening recession.


California budget negotiations hit a new snag

LA Times-Reporting from Sacramento -- As California's government continued its grinding downshift toward insolvency, efforts to close the state's nearly $42-billion budget gap hit a new snag late Tuesday as Republicans in the state Senate ousted their leader. Around 11 p.m., a group of GOP senators, unhappy with the higher taxes that Senate leader Dave Cogdill of Modesto agreed to as part of a deal with the governor and Democrats, voted to replace him in a private caucus meeting in Cogdill's office. read more...


Anybody get the feeling we will all be in the same boat as Cali, GM, and the Dow real soon?


Phaedrus said...

I have my fingers crossed that Jindal sticks by this carefully. Money is never "Given" by the federal Government, as many people believe. Instead monies are dangled in front of those who need it, and only granted if they accept the otherwise unacceptable.

Wow, big surprise that the socialist solution to the economic problem that was caused by socialism isn't working. Quick, we need more socialist bills to try and fix this, and when that doesn't work we need backup socialism.
Where's Putin when you need his guidance?
as–salaam alaikum كافر

OmegaPundit said...

Linkum' salami كافر.

An unofficial source back in Nawlins' is telling me that Jindal is concerned if he does not take the stimulus money and turns it into a political power play against the WH and Congress, Katrina money that was promised by Congress, will be withheld. Again, this is unofficial mind you.

RightKlik said...

Jindal is smart. He knows he will have to be careful to avoid deals with too many strings attached.

Critical Thinker said...

Hopefully, Klik, the Jindal will stick to his Cajun/Indian guns and do what he is sayin' he will do.


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