Major indexes dropped to their lowest level since 2003 yesterday and U.S. stock futures are pointing to another plunge today as investors worry about the fate of U.S. carmakers and the spectre of a prolonged economic downturn.
Just how bad is it? Well, here’s another sign of the impending apocalypse: the Labor Department reported at 8:30 a.m. EST that jobless claims are at their highest level in 16 years.
After two days of petitioning Congress, Detroit automakers headed home without the $25 billion check they were angling for. Congressional leaders say a deal is doubtful until next January as they prepare to adjourn for the year.
President-elect Barack Obama remains in Chicago, piecing together a new administration that could include Hillary Clinton as secretary of state. His peeps are a little miffed by the leaks out of the Clinton camp, which they tell the New York Times are designed to force them to give her the post. Is this a sign that Obama’s formal rival might “go rogue” if she ends up working for him?
Happy Joe Biden’s birthday, everyone! The vice president-elect turns 66 today.
And it’s not even Thanksgiving, but the Christmas Wars are starting up already. Two conservative Christian groups plan to set up a Christmas scene on the sidewalk in front of the Supreme Court as they talk about their plans to promote the display of nativity scenes across the country on private and public property.
Photo: REUTERS/Hannibal Hanschke (costumed angels in Berlin)