The First Draft: Thursday, Nov. 4
They’re back, and this time they didn’t take the corporate jet. CEOs of General Motors, Ford and Chrysler will try again to wrangle billions of dollars in bailout money from Congress. This time, they drove from Detroit and they can explain they would do with the money. But they’ve also upped their request from $25 billion to $34 billion.
Testimony in front of the Senate Banking Committee begins at 10 a.m.
The Labor Department will issue its weekly jobless claims report, and it’s not expected to be pretty. The numbers come out at 8:30 a.m. Futures markets point to a lower opening for U.S. stocks after drugmaker Merck offered a disappointing 2009 profit outlook.
Some of the government’s top financial officials speak today. Fed Chairman Ben Bernanke talks about housing at 11:15, while Federal Insurance Deposit Corporation Chairman Sheila Bair speaks at a consumer conference at 8:30 a.m.
Remember George W. Bush? Yes, he’s still president. He lights the National Christmas Tree in front of the White House at 5 p.m.
REUTERS/Kevin Lamarque (Auto company CEOs testify in Congress)
REUTERS/Jonathan Ernst (National Christmas tree arrives at the White House)