Money Minute: Merrill Lynch CEO; Yahoo Cuts

Associated Press

Transcript

P Money minute John thain a former CEO of Merrill Lynch has resigned from Bank of America the announcement follows news that Merrill had moved up its year-end bonuses paying them just before Bank of America completed its acquisition of Merrill Lynch and sought more government bailout money President Barack Obama will get a daily economic briefing similar to the national security briefing he receives every morning the White House says that Obama wants to know the most up-to-date information as his administration works on Reviving The struggling economy Yahoo's employees will forego their usual pay raises this year as the slumping internet company struggles to boost its profits in the brutal recession the austerity measure marks one of the first cost-cutting actions taken by Yahoo's new CEO Carol Bartz she was hired two weeks ago to engineer a turnaround I'm Mark Hamrick with AEP money minute

Layoffs lead to economic woes

CNN

Transcript

There's going to be a significant downturn in 2009, and that's true whether or not there is fiscal stimulus or whether or not actually the credit gets flowing again. The loss of wealth of households in the United States has been on the order of $15 trillion. There's going to be a significant retrenchment. The idea now is to use macroeconomic policy to moderate that downturn and also to help speed the recovery in 2010. These aren't the sort of numbers that we saw back in the 30s when we were looking at sort of 24, 25 percent unemployment. But are these numbers for real? Certainly in other parts of the world there is a big discussion going on now as to whether governments are actually prepared to... I mean, the numbers are going to be quite significant.