 |
         
|
CBS' Anthony Mason found a sliver of cheer amid economic gloom. He covered the $5bn injection by the Department of the Treasury into GMAC, the financing arm of General Motors. GMAC's lack of capital had cost the automaker 60,000 vehicle sales in October, the firm claimed. With federal funds infused, it can now offer 0% financing and lower its minimum credit rating to qualify for a loan.
Apart from that sliver, CBS' Kelly Wallace and CNBC's Trish Regan on NBC both looked at the latest statistics on the plummeting prices of homes. In 20 major cities around the country, the average value of housing is 18% lower than this time last year. Phoenix, Las Vegas and San Francisco have fallen by more than 30% in a year, both reporters noted. Monday CNBC's Regan was delivering equally gloomy news from the retail sector. Now Bill Weir (embargoed link) covers that same beat for ABC's A Closer Look. He quoted analysts' estimates that by summer as many as 3,000 shopping malls and shopping centers will be bankrupt as the nation remedies its oversupply of retail outlets. "America will see a different kind of sale in the New Year--Going Out of Business."
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
