The Down is trading at 7,071 and falling http://moneycentral.msn.com/investor/charts/chartdl.aspx?Symbol=%24US%3aDJI&CE=0&D3=0&D4=1&ViewType=0&D5=0&ShowChtBt=Refresh+Chart&DateRangeForm=1&ComparisonsForm=1&C9=1&DisplayForm=1&CP=0&PT=10
 
Citi is trading at 1.66.  http://moneycentral.msn.com/detail/stock_quote?symbol=C&ww=1
 
GM “burned through $19.2 billion in cash last year on its way to a $30.9 billion loss” and is presently trading at 2.15 http://moneycentral.msn.com/detail/stock_quote?Symbol=gm
 Sales of existing homes fell last month to its lowest level in 6 years.  “…[M]edian sales price [...]

There has been a refrain sung by the cheerleaders (the same ones who are telling people not to sell their stock…) that while some areas of the markets are declining (a gross understatement) that others will rise, like the lower end of the retail market.  News today that Target’s profits fell 41%.
“MINNEAPOLIS (AP) — Target [...]

GM is trying to separate from Saab and has indicated that it will support its Swedish automaker for another year, according to the requests for funding which GM has made to the Treasury Department.  Similar to the action taken by its parent, Saab has asked the Swedish government to assist it with funding.  However, unlike [...]

Arguably, one source of the mortgage meltdown was the 2005 change to the bankruptcy laws pushed through by the credit card lobby.  The President’s current plan of recovery provides that the laws may be changed to allow modifications to mortgages in bankruptcy, thus allowing an alternative to either making full payments plus monthly payments on [...]

Law firms too are cutting back due to the economy.  A few Thursday’s ago, over 800 people lost their jobs at various national law firms in one day.  These cuts included staff and associate attorneys.  More cuts followed in the next day or two.  “Almost 800 associates and legal staff nationwide returned home jobless Thursday [...]

During boom times, there is so much optimism that folks are prepared to let their money be handled by anyone who looks good and has a good story to tell, without too much investigation.  Additionally, there is inherently less regulation during those high flying times, which is why the boom came to be in the [...]

In a none too shocking move, the present administration has determined that it will not appoint a car czar.  Recall that such and appointment was a part of the previously passed bail out in which GM and Chrysler took part.  Ford did not choose to participate as it had sold many of its assets, like [...]

As noted yesterday, there will be an increasing focus on “who to blame” as this crisis continues.  Who better than those who paid themselves huge bonuses out of their normal timing on the eve of a failure?  Here is more information on the investigation into the 3.6 billion in unscheduled bonuses paid to Merrill’s top [...]

Sirius XM is preparing a chapter 11 filing in order to fend off an unwanted take over by EchoStar, “whose CEO, Charlie Ergen, has been buying up Sirius XM debt in a bid to take control of the company.”
“Ergen and Sirius XM CEO Mel Karmazin are two of the media industry’s most adroit dealmakers, and [...]

For half a century, the US has been the leader in almost every category: military, industry, economy, education, manufacturing, etc.  The instability of even something as great as the auto industry reflects the hazardous economy of today.  John Wolkonowicz, an IHS Global Insight analyst said, “It’s actually a little worse than we were expecting and [...]