GMAC LLC Receives $6 Billion Federal Bailout
ec. 30 (Bloomberg) — GMAC LLC, bolstered by a $6 billion federal bailout, resumed lending to General Motors Corp. customers with lower credit scores as the U.S. stepped up efforts to keep the automaker in business. The Treasury said yesterday it will take a $5 billion stake in Detroit-based GMAC, the financing arm of GM, and lend $1 billion to
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Fed Using Low Rates and New Tools to Fight Deflation
WASHINGTON — The Federal Reserve entered a new era on Tuesday, setting its benchmark interest rate so low that
US Economy Signals Recession
The economy jolted into reverse during the third quarter as consumers cut back on their spending by the biggest amount in 28 years. Meanwhile, new claims for unemployment benefits remained at elevated levels.
Fed Cuts Interest Rate
The Fed announced its cutting its interest rates down to a single point from one and a half percent. The new rate will be the lowest since 2004. It’s primary objectives are to increase the sinking consumer confidence levels and help battle high unemployment levels.