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Auto execs expect more bankruptcies

09.01.09

More than three out of four auto executives expect more bankruptcies in their industry, according to an annual survey by audit and accounting firm KPMG LLP.

Mortgage rates fell over the past week, benefiting from the Federal Reserve's pledge to take all necessary action to stimulate the economy. "Drill baby, drill" may have failed as a campaign slogan, but the mantra appears to be working for investors. Citigroup could soon agree to principles that would let troubled borrowers save their homes through bankruptcy, sources familiar with the talks said Thursday, while industry groups are easing their opposition to the plan.



Though not quite as generous as first envisioned, the federal stimulus package funnels a nice chuck of change to states to help them deal with their yawning budget gaps. The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. The Obama administration plans to release updated details in the coming weeks to guide Congress on the best way to reshape the nation's financial regulatory system and prevent future collapses.

The home-equity line of credit fueled thousands of extreme kitchen makeovers during the real estate boom. But the housing bust and the credit crisis stopped the HELOC party with a vengeance: Tens of thousands of homeowners had their lines cut or frozen, and most lenders stopped issuing new ones altogether.

It happens every weekday: A group of ladies gathers at the cavernous, badly lit stock-brokerage office on Shanghai's Xiangyang Lu in what was once, when China was colonized by European powers last century, known as the French Concession. There are usually at least four, and sometimes as many as eight. Just days before Chrysler LLC is supposed to show the government it can become a healthy company, the automaker has been scrambling to get dealers to order more cars.

If you're looking for some theme music for the upcoming wave of earnings reports, a funeral dirge is probably most appropriate. After closing out the Dow industrials and S&P 500's worst January ever, investors might be hoping for a little breathing room before the next wave of negative reports hit. No such luck. Mark Vilrokx, 37, and Carine Beysen, 35, ought to ace retirement. The San Mateo, Calif. couple have great jobs - he's a manager at Oracle, she's a research director for a biotech company - and they earn a combined $210,000 a year. They have no mortgage, no student loans, no car loans, no credit-card debt. They're also diligent savers who put away a hefty chunk of their income every year for retirement.



The Internal Revenue Service should take steps to ease the burden on taxpayers hit by the recession, according to National Taxpayer Advocate Nina Olson. President Obama's Cash for Caulkers proposal has almost every homeowner wondering how they'll be able to cash in. Congress will soon debate what kind of economic stimulus package should be passed, but some economists are increasingly wondering whether it's a good idea to approve any stimulus at all.

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