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Wednesday, November 19, 2008

Dow Drops Below 8000 Big Three to Blame

The ending bell rang on wall street today to another dip in the Dow. The Dow now at 7997.28 is a result of a 427.47 point drop today amidst fears of a crumpling auto industry.

CEO's of the Big Three auto makers (GM, Ford, and Chrysler), flew in their private jets to Capitol Hill where they came before Congress to beg for tax payer dollars. The company heads were met with support and cynicism from various senators. The Big 3 are seeking an additional $25 Billion. The $25 billion is on top of a previous allotment of $25 billion meant to keep the companies afloat while they develop more fuel efficient and "green" cars.

The GM CEO state there would be 3 million jobs lost in the 1st year of the industry falls. However some senators have expressed discontent with giving money to an industry that already shipped thousands of jobs over seas leaving Ohio and Michigan in particular in deeper recessions than the rest of the nation.

Read the rest at Daughter of America