Speaker Pelosi has outlined a logical approach toward economic stimulus legislation, some action now which more to follow once Barack Obama becomes President. Given the steady stream of really bad economic news — especially with respect to the auto industry — the need to act is pressing. President-elect Obama’s camp could be forgiven for wanting to shape the entire package, demanding a delay, so it’s definitely to the Democratic leadership’s credit they’ve decided to move ahead next week.
- The new jobless figures were released this morning, announcing the reduction of 240,000 jobs in October. From Reuters, “Job losses soar, jobless rate at 14-year high.”
- According to the Bureau of Labor Statistics’ release, manufacturing jobs fell 90,000 jobs to 13.28 million.
- Wall Street Journal MarketBeat Blog, “A Bad Jobs Report Was Expected, But Not This.”
- CNN reports, “Ford Motor reported a $3 billion operating loss in the latest quarter, and said Friday it would reduce staff and capital spending in order to preserve its dwindling cash.” Ford’s news release.
- BBC, “Obama to meet economic advisers.”
Ah, well, there IS good news. Here in Washington it’s an incredible autumn day. Sunny, will hit 70 this afternoon, the leaves golden and falling. Just a perfect day, drink sangria in the park, and later, when it gets dark, we’ll go home.
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