Obama Likely to Name Geithner Treasury Secretary
Associated Press
Transcript
[Music] President-elect Barack Obama is likely to name Timothy Gitener as Treasury Secretary next week. Gitener is president of the Federal Reserve Bank of New York. If confirmed, he'll lead the Treasury through one of the nation's worst financial crises since the Great Depression. 47year-old Gitener held various jobs within the Treasury Department during the 1990s. In recent months, he's played a key role in the government's response to the crisis, working closely with Treasury Secretary Hank Pollson. Julie Pace, the Associated Press.
Stocks Jump on Report of Geithner Nomination
Associated Press
Transcript
Wall Street ends a volatile week with an unexpected shold of confidence and a jump of more than 5% in the major indexes in the latest session reports began to surface late in the day that president-elect Barack Obama plans to name New York Federal Reserve president Timothy gner as treasury secretary he's very popular on Wall Street so uh I think that's what sparked this uh this late rally the advance and stocks also came as the FDI C said it would guarantee up to $1.4 trillion in US Banks debt for more than 3 years as part of the government's Financial rescue plan some advancement had been expected during the session on Thursday the S&P 500 fell 6.7% marking the lowest close since April 1997 the Dow fell 5.6% its lowest finish since March 2003 on Friday the Dow ended the day up 494 points at 8,46 the S&P 500 Rose 48 points to 800 and the NASDAQ was up 68 to close at 1384 Wall Street appears boyed by reports that Obama plans to name as economic team on Monday offering investors some hope of a smooth transition in an uncertain Market Mark Hammer the Associated Press
Geithner pick sends Dow up 500; Citigroup shares below $5
CBS
Transcript
wall street managed to end a volatile week on a high note investors whipped up a late day rally on word that president-elect barack obama is likely to name tim geithner treasury secretary he's president of the new york federal reserve and well known on wall street the dow jones industrial average finished up nearly 500 points and back over the 8 000 mark the nasdaq gained 68. financial stocks did not have a good day citigroup watch shares slide below dollars their lowest level in 15 years analysts say the banking giant is running out of options and may need to merge or raise money by selling off some of its prized businesses citigroup has failed to turn a profit in the last four quarters and investors are worried that this financial crisis will overwhelm the bank general motors is worried it may run out of cash by the end of the year so it's cutting back production and grounding a pair of corporate jets the automaker will extend its holiday shutdown at some factories and make production changes at others gm is trying to stay afloat until it can get a loan from congress detroit's big three have asked for a 25 billion bailout and president bush has signed off on some help for tens of thousands of americans recently out of a job before taking off for this weekend's apec forum he signed a bill into law extending unemployment benefits through the holiday season that's your money watch track the latest business headlines at cbsnews.com at the new york stock exchange i'm alexis christopher
Congress Delays Auto Bailout Vote
VOA News
Transcript
despite the glitz and the Glamour the big US Auto shows have lost some of their shine industry figures show sales of new cars have reached their lowest level in nearly 25 years this week CEOs from Ford Chrysler and GM came to Washington asking for billions of dollars in emergency loans to keep their companies afloat but Senate Majority Leader Harry Reid says the automakers have not done a very good job the executives of the auto companies have not been able to convince the Congress or the American people that this government bailout will be its last this exchange between Congressman Paul korski and GM's Rick Wagner shows the frustration on both sides can you just tell me in absolute terms how much money do you need to survive General Motors from today until March 30th I Congressman it's going to depend on what happens Democratic leaders have put off a bailout vote until automakers can come up with a viable plan house Speaker Nancy Pelosi says it's about accountability until they show us the plan we cannot show them the money and that is really where we are with this automakers will have another opportunity to make their case by submitting detailed plans before December 2nd Congress is expected to review the proposals a week later economists call the Auto industry the backbone of the US manufacturing sector United Auto Workers president Ron GLE finger says industry failure is not an option without immediate assistance we could could see and I stress could see a collapse of one or more of the Domestic Auto companies by the end of this year stocks fell on Wall Street Thursday after hopes of an immediate aid package for us automakers faded the drop brought the Dow Jones Industrials two-day decline to nearly 900 points mil arga VA news
Dow Low Can You Go?
CBS
Transcript
okay so we all know the economy sucks right now and the dow has gone very very low but i want to know just how low will it go how low do you think the dow is going to go wow that's a that's a really heady question you're trying to get a lot of grimaces out here i actually don't think it's going to get much lower than about low sevens seven thousand seventy seven hundred six thousand i'd say uh seven thousand seventy five hundred i'm gonna go seven thousand just a little lower than you i don't know if i if i did i would i would be a i'll be a man with a crystal ball a genius right seventy five hundred i would say maybe about six thousand six thousand thousand absolutely the bars and hunters are going to swoop in well before it gets down to that level 5800 there's been too much greed for too long and everybody's had their head in the sand and uh it's a rude awakening i don't really think it's going to get that low no i think it's just here to scare the hell out of us and it's doing a good job there's a looting going on right now they're getting rid of the government money because they want to make it harder for obama i think there will be a possibly there will be a complete crash before obama gets in how low do you think the stock market's gonna go i just lost my husband i think he went to commit suicide well i really think it's gonna get down to six thousand and what are you doing to weather the storm crying a lot no not really what do you think it's going to bottom out at uh it's really it's real value i think it's overvalued that's what the problem is it can't go much lower than this i think the entire economy would really be serious trouble going any further than this that will probably stop somewhere within a hundred points from now i think that's that's what's what our uh our company's saying six thousand six thousand things will get a lot worse before they get better when are they gonna get better i think they'll they're gonna get better when uh obama becomes president i guess still it's going to take 12 more months i don't know i think you're looking at a few more weeks i mean maybe once we get the new administration in place people will be a little bit more uplifted at the change but i think before then we're going to have more days where you're kind of afraid to watch the news there's still nothing positive to drive anything higher you need to have some sort of psychological boost and i just don't see anything else that's out there oh crikey i don't know you're asking the wrong people from england i'm going to probably got all our own problems tell me about your problems go ahead tell mama what's wrong you haven't got all day believe me we wanted to see the ball where's the ball the bull is actually down that way by the bowling green okay so we have a little pair of polka dotted ruffle panties we're going to put on the ball okay