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Today in financial catastrophes: Tuesday EditionBy Nisha | September 30, 2008  For many, the crisis that we heard about in the news but still seemed so far away is starting to get closer to home. Georgia-based Bill Heard Enterprises, the largest car dealer in Georgia and largest Chevrolet dealer in the world, has shut down all of its dealerships as of last Wednesday and laid off 2700 employees. It seems their slogan of "No credit? No problem" turned out to be riskier than they expected. [AJC]The stock market soap opera continues, as the Dow recovered (almost) everything it lost yesterday. At the end of the day Monday the Dow was down 777 points, but recovered 485 points by the end of Tuesday, fueled by hopes that Congress would still pass the bailout bill...or whatever name we're calling it these days. [Wall Street Journal] Part II: The Senate is taking its shot at the bailout bill Wednesday...oh boy. [NYT] And finally, President Bush approves $25 billion in loans to the ailing auto industry. Note from Nisha to White House: How about we try bailing out student loan debt next? I'll be first in line! [Wall Street Journal] |
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