Monday, February 23, 2009

In Hindsight: In this stormy economy, 'distressed' is hot -


In Denver, President Barack Obama signed a $787 billion economic stimulus bill into law. Obama defended the package of tax cuts and spending as "the beginning of the first steps to set our economy on a firmer foundation, paving the way to long-term growth and prosperity." Congressional Republicans, who would have preferred more tax cuts, criticized the spending in the bill as wasteful. Every Republican in Congress except three moderate GOP senators voted against the bill the week before.

Meanwhile, in Detroit, struggling automakers General Motors and Chrysler asked the government for an additional $14 billion in aid and said they would cut a combined 50,000 jobs in an effort to stay afloat.
In Hindsight: In this stormy economy, 'distressed' is hot -
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