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White House fights back on Cash for Clunkers

01.11.09

The Obama administration on Thursday lashed out at a prominent critic of its Cash for Clunkers program, arguing that the popular trade-in initiative helped give the auto industry and the economy a much needed boost in the past few months.

Regulators were as culpable for the financial crisis as banks, mortgage originators, and the ratings agencies, Securities and Exchange Chairman Mary Schapiro said Tuesday. The hard-hit city of Pontiac, Mich., is auctioning off the Silverdome, a stadium of more than 80,000 seats that once played host to the Super Bowl. As we count down to Barack Obama's inauguration, it's clear there is an urgent need for a stimulus program of unprecedented proportion. Unlike our sluggish policy response to the financial crisis, we need to act boldly to stave off what otherwise threatens to be a brutal recession.



The potential collapse of Colonial BancGroup poses another hazard to the still-shaky housing market: Mortgages could become even harder to get. Sept. 21 Read full story for latest details.

The economy is growing again. So when are the jobs that go with growth going to get here?

More employers are planning to reverse pay cuts and other employee cutbacks, another sign that the employment picture is improving, according to a survey released Thursday. Consumer credit rebounded in March, blowing past economists' expectations, according to a government report released Friday.

Recession-weary Americans aren't gambling the way they used to -- and that could be a problem for many U.S. states already struggling with record budget gaps due to the weak economy. Detroit continued to lead the nation's cities of 1 million people or more with the highest unemployment rate in September, according to government figures released Wednesday. Henry Paulson and Timothy Geithner, two key players in the government's bailout of the financial system, said Thursday that steps should be taken to shed light on the darker corners of Wall Street in order to prevent another crisis from happening.



Disaster averted. Santa's load will be lighter once again, with crucial year-end holiday sales expected to decline for a second year in a row, according to an industry forecast Tuesday. The next round of executive pay decisions for companies that have received substantial government bailout funds could have a more lasting impact on pay practices nationwide, the special master on pay for the bailout said Tuesday.

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