The First Draft: Wednesday, Dec. 3
President-elect Barack Obama will continue to fill out his Team of Rivals when he names New Mexico Gov. Bill Richardson as Commerce Secretary at a press conference scheduled for 11:40 a.m. EST For those of you keeping score at home, that means at least three members of his administration will be former Democratic presidential candidates – Richardson, Vice President-elect Joe Biden, and Secretary of State pick Hillary Clinton.
We can’t wait to see what he has in mind for Dennis Kucinich.
On the Hill, lawmakers will continue to weigh U.S. automakers’ restructuring proposals ahead of hearings later this week. The heads of Ford, General Motors and Chrysler, chastened from their skeptical reception last month, are driving from Detroit this time — and they’re confident they’ll get here in good shape.
“Our cars don’t have car trouble,” GM president Fritz Henderson said on ABC’s “Good Morning America.”
Chrysler officials hold a rally at a dealership in suburban New Carollton, Maryland, to build support for the bailout at 11:30 a.m.
Bigwigs from Honda and Toyota are in town, too. But they’re not here to beg for cash — they’re talking about electric cars and other sustainable technologies at the Convention Center.
Just how bad is this recession? We’ll know more at 2 p.m., when the Fed Releases its “Beige Book,” an antecdotal survey of economic conditions nationwide.
Wall Street doesn’t need more gloomy evidence. Stocks are expected to open lower after Research in Motion, the folks who make the Blackberry, slashed their outlook and mining giant Freeport-McMoRan suspended its divident payments and slashed copper output.
REUTERS/Richard Clement (Richardson and Obama at campaign rally)
REUTERS/Fred Prouser (GM logo at LA auto show)