bailout dead

I actually thought of titling this post "This **** Ain't Right."

Alan Fishman, CEO of Washington Mutual for 17 days -- yes, that's right, days -- received a compensation package of $20 million for his time, including $11.6 million in severance for all of his long days of service to the highly successful company. You can't make this stuff up.

Check out the other outrageous severance packages in the article by Jonathan Turley. All for CEOs of companies that are failures. So much for the market rewarding competence and punishing ineptitude.

Oh, please,Drew Dad. You have been on these threads for a while. If you have read most of Debra Law's comments,you have to admit that she is the most knowledgeable of all the posters on law. She beats Joe from Chicago by a mile.

barackman28 wrote:

Oh, please,Drew Dad. You have been on these threads for a while. If you have read most of Debra Law's comments,you have to admit that she is the most knowledgeable of all the posters on law. She beats Joe from Chicago by a mile.

But the drumbeat of bad news rattled on. A government report said that orders to U.S. factories plunged by the largest amount in nearly two years as the credit strains smashed manufacturers with hurricane-like force.

Stocks declined on Wall Street early Thursday after the number of people seeking unemployment benefits rose last week to a seven-year high. The Dow Jones industrials fell by about 135 points, their fourth straight triple-digit move.

Bush said the issue is affecting employees and families across the country and that lawmakers "must listen" so confidence can be restored in markets and financial institutions.

WASHINGTON " Barely a week after Europeans rebuffed American pleas to join in their bailout of the banking system, Europe now faces a financial crisis almost as grave as that in the United States " demonstrating how swiftly this contagion is spreading around the world.

I have never read that most car maker's sales have dropped by more than thirty percent. Do you have any evidence in that regard?

Car dealers face the grim reaper
The credit crisis is slamming sales and sending operating costs for already strained auto dealers through the roof.
By Peter Valdes-Dapena, CNNMoney.com staff writer
Last Updated: October 1, 2008: 3:26 PM ET



NEW YORK (CNNMoney.com) -- If you want to see how America's credit crisis is hitting the streets of your hometown, go to your local car dealer. Auto dealers depend on credit. They need it to run their stores and their customers need it to buy their products. From every angle, credit trouble hurts.

"I'm talking to dealers every day who are just hanging on," said Denny Fitzpatrick, Chairman of the California New Car Dealers Association and owner of Fitzpatrick Chevrolet Hummer in Concord, Calif.

There could be 300 to 400 fewer auto dealerships in America by the end of the year, predicted Paul Taylor, an economist with the National Automobile Dealers Association. In an ordinary year of economic growth, the industry adds 75 to 150 dealers, he said.

Well, if you call a 200 point gain a yawn. I predict that the Market will be close to 12,000 by the end of October.