Canada will provide aid to Canadian subsidiaries of U.S. automakers. Bloomberg. Ayn Rand must be rolling over in her grave when the PM of Canada says they have a "social responsibility" to help the ailing companies.
The second half of TARP funds will reportedly be used to help distressed homeowners. Bloomberg. Can someone explain this to me? If a family in California makes $50,000 a year and they owe $500,000 on their house, how in the hell can the Treasury do anything to prevent a foreclosure?! I don't think mortgage modifications will do any good in stemming the mortgage crisis. My plan for housing market stability makes more sense.
Oil producers are cutting production and capital spending. WSJ. This is really scary stuff. The recession is going to be bad, no doubt about it. But it will end eventually. Our energy problems, on the other hand, will persist. Production cuts now equals reduced supply later. Combine reduced supply with post-recession demand and $150 oil will be a pleasant memory. Energy is a MUCH bigger problem than mortgage defaults in the long-term. Refer to Brent Voss's report on oil for more information.
An interview with President Bush on the Wall Street Journal's editorial page. It will be interesting to see how history remembers our 43rd president.
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