World Market Tumbling. What Dollah Doing?

Ekonomi dunia semakin parah. 2009 tsunami ekonomi pasti sampai ke Malaysia. Rakyat semakin terhempit. Menteri, ADUN dan MP mesti tidak terasa kerana semua perbelanjaan mereka dibayar melalui keringat rakyat.

WASHINGTON – THE White House said on Friday that it may tap a 700-billion-dollar (S$1 trillion) rescue package to save US automakers from immediate collapse, a policy reversal hailed by Democrats and a major labor union.

‘Given the current weakened state of the US economy, we will consider other options if necessary – including use of the TARP programme – to prevent a collapse of troubled automakers,’ spokesman Dana Perino said, referring to the Troubled Asset Relief Programme conceived to help financial services firms.

And the US Treasury Department ‘will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry’, said spokesman Brookly McLaughlin.

Lawmakers are due back January 6.

Ms Perino warned that ‘while the federal government may need to step in to prevent an immediate failure, the auto companies, their labour unions, and all other stakeholders must be prepared to make the meaningful concessions necessary to become viable’.

And US president-elect Barack Obama, who takes office January 20, urged the White House and the Congress to ‘find a way’ to provide urgent aid while forcing ‘the long-term restructuring that is absolutely required’.

The White House announcement came minutes before the market opened. Wall Street plunged in early volatile trade, with the Dow Jones Industrial Average tumbling 135.96 points, or 1.59 per cent.

The legislation would have provided GM and Chrysler bridge loans to operate until March 31, the date by which they must have crafted a restructuring plan that ensures their long-term survival while repaying government aid.

The bill also required the president to name a special designee, or ‘car czar,’ who would oversee the process. — AFP

Sumber Kerajaan Rakyat

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