Main Street 9

  The White House said a disorderly bankruptcy in the motor industry would be a huge blow which the US economy could not withstand. Meanwhile General Motors said it was temporarily stopping some production. And Honda is also to cut back output in North America. GM, which has been pleading for an emergency government loan [...]

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President Bush and Treasury Secretary Henry Paulson on Friday outlined a series of far-reaching steps – likely to cost hundreds of billions of dollars – aimed at stemming a widening financial crisis that is roiling the financial markets and undermining confidence in the banking system. “We must act now to protect our nation’s economic health [...]

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Wall Street remained on alert late Sunday as hopes for a buyout of beleaguered Lehman Brothers faded and following extensive efforts by both executives and regulators to stave off a broader financial crisis. As the weekend drew to a close, the Federal Reserve announced plans to expand its lending to the banking industry in an [...]

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