GMAC Losing Your Money
Stocks were up slightly, but all other markets went sideways. Politics in DC gets most of the attention.
In the news today….
GMAC will lose – over $6B of YOUR money. The Treasury has invested over $17B in the company so far. A Congressional Oversight Panel said it’s about time that the public saw a clear path ahead for the company as they’ve had our money for over one year.
Lots of Borrowing – going on by business in the US and abroad right now through issuing bonds. Why? Because interest rates are low, and these companies want to lock those interest rates in. What do they know? Probably that interest rates will be rising, and they don’t want to be too late.
Richest People in the World – Carlos Slim (Mexico) first, Bill Gates second and Warren Buffett third.
Here are the last numbers for today:
Dow Jones 30 Industrial – 10,611 (up 55)
10 Year Treasury Bond – 3.72% (up 0.01%)
Euro – $1.3676
Gold – $1108 (down $3)
Oil – $82.29 (up $0.27)
Gasoline – $2.27 (down $0.01)
