US May Lose Its 'AAA' Rating Too Poor for Bankruptcy Senate Finance Chief Calls for Making Health Coverage Mandatory
By CNBC
"The U.S. might really have to look at a default on the bankruptcy reorganization of the present financial system" and the bankruptcy of the government is not out of the realm of possibility, Hennecke said. Continue
By David Glenn Cox
Most all of our problems seem to evolve from a falling standard of living in America’s working class, and yet when we call for help for America’s working poor we are told that it can’t be helped. Here in Atlanta a local food pantry advertises that 40% of all its recipients are employed.Continue
By Aliza Marcus
Senator Max Baucus, presenting the first Democratic health plan since President-elect Barack Obama's victory, said all Americans should be required to have insurance once coverage is made affordable. Continue
Germany rejects General Motors' plea for state aid: The German government on Tuesday rejected a plea from U.S.-based General Motors (GM), the world's biggest carmaker, for targeted aid for its German factories.
UK: Bank rates head for zero per cent: Governor Mervyn King said the official cost of borrowing would be cut to “whatever level is necessary” to boost confidence and stave off a long and deep recession.
Paulson: Government won't buy troubled bank assets: The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets.
Fannie Mae warns of insolvency: Fannie Mae, the troubled US mortgage finance giant, has said that the $100 billion bailout it recieved from the US government may not be enough to keep it solvent.
New federal mortgage plan offers relief to only a few: Officials involved in the plan acknowledged that it might reach only 200,000 or so homeowners next year. That's a fraction of the 2.8 million who are thought to face foreclosure this year.
One third of homes sold for a loss: Nearly one out of three homes sold in the last year was sold at a loss, and an estimated one in seven U.S. homeowners were "upside down" on their loans at the end of September, according an analysis of public records in 163 markets by Zillow.
AmEx Said to Request $3.5 Billion in U.S. Aid: American Express Co. which is being hit by slowing consumer spending and rising defaults, is seeking roughly $3.5 billion in taxpayer-funded capital from the federal government, according to people familiar with the situation.
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