Democratic Party of Japan

The Democratic Party of Japan gain power after nearly 50 years of a single party dominated system lead by the Liberal Democratic Party.  The DPJ, lead by Yukio Hatoyama, gained 306 seats out of a possible 480 in what is being called a "bloodless revolution".  This shift in power is a result of a growing frustration with the state of Japan's economy- a common theme that rings true for the world at large.  

Ben S. Bernanke

Federal Reserve Chairman Ben Bernanke has ben nominated by President Obama to serve a second term.  

Day 330

Currency, Zim Style

At 4am, I stumbled across this article about the "zimdollar" in my insomnia induced stupor.  The Zimbabwean currency is now dead, the inflation rate so astronomical that one trillion zim is worth only a meager 50 U.S. cents.   I actually have a few old bills and coins from my Peace Corps days. 10 years ago they weren't worth much and now, it is worth less than a few sheets of toilet paper.  

Too Many to Choose

There is lots going on in the world today. 

• Sonia Sotomayor was confirmed by the senate yesterday afternoon and will be the first Hispanic Supreme Court Justice.  
  
• Pakistan's Taliban chief, Baitullah Mehsud, is thought to be killed in an attack which also claimed his wife.
• Filmmaker John Hughes dies at the age of 59. He is a sentimental favorite of mine- Ferris Bueller's Day Off, Breakfast Club, Pretty in Pink, and Sixteen Candles will always bring me back to my childhood. 
• More attacks targeting Shiites in Iraq.  Over 36 people reported dead.
• The Cash for Clunkers program gets $2 billion in new funding from Congress.  

Day 313

Cash For Clunkers

Cash for Clunkers

The new cash for clunkers program is running out of money.  The $1 billion dollar program has been more than depleted by over 22,782 vehicles that have been purchased.  The program was created to stimulate the declining auto industry and get gas guzzling cars off the road.  No one predicted just how popular the program would be.  Various members of congress have stated that they will be working to redirect more stimulus money to the rebate program.  

Day 304

Dealer Assistance from GM

General Motors will be offering "Dealer Assistance" for all of the dealerships that are slated to shut down according to the new government restructuring program.  There will be approx. $600 million in funds that will be distributed.  GM will be compensating $1,000 per unsold car and 8 months of rent.  The per dealership average is $462,000 .

Day 297

Goldman Sachs- Record Profit

Goldman Sachs is set to post its largest profit (approx. 2.2 billion), since 2007.  Does this indicate an upswing in the economy or is it just business as usual?  

Day 293

No New Stimulus Package

President Obama predicts that benefits from the stimulus package need more time take effect.  Treasury Secretary Timothy Geithner also states at this time there is no need for another package.  

Day 292

General Motors

GM Rebounds

GM has been revived from bankruptcy.  It only took 40 days! There will be a heavy down-sizing of the company:

The new GM will have fewer brands, fewer plants and fewer workers. The number of U.S. executives will be cut by 35 percent and U.S. salaried employment will drop by 20 percent by the end of this year. As important, Henderson said, is that the corporate culture at the automaker must evolve, enabling the company to be more nimble and more focused on beating its competitors.

Day 277

Jobless Claims Rise

U.S. jobless claims rise by 15,000 to 627,000 according to figures from the Labor Department.  Total number of people collecting unemployment insurance is 6.74 million.  WOW!

Day 261

Ruth Bader Ginsberg

Ruth Bader Ginsberg

News that Supreme Court Justice Ruth Bader Ginsburg has granted a stay on Chrysler's sale to Fiat makes a cameo appearance on the front page of the New York Times, the Wall Street Journal, and theWashington Post. The surprise action caught even the creditors, led by three Indiana pension funds, off-guard. In months of arguments, "the Indiana funds [contended] that the sale trampled on their rights as senior lenders because they would recover less than junior lenders. The funds also claim that the manner of the sale did not comply with bankruptcy law, and that the Treasury illegally used billions from the federal Troubled Assets Relief Program, meant for financial institutions, to prop up Chrysler," the WP writes. Under the current deal, a United Auto Workers retiree health care trust got a 55 percent equity stake and $4.5 billion note, and Fiat stands to get an initial 20 percent stake. 

When It Rains It Pours

Lots of disturbing news today.  GM files for bankruptcy, Dr. George Tiller gunned down by anti-abortionist in his neighborhood church, and Air France Flight 447 from Rio de Janeiro to Paris disappears over the Atlantic Ocean.