Due to the economy many big companies have done what is only the next step to save money. Begin giving out pink slips to workers informing them that they will be laid-off. The San Francisco Chronicle stated that General Motors corporation is shrinking its workforce so it can be profitable at lower sale levels. 160 of its workers will be laid off beginning April and plans to cut 18,000 more of its workers by the end of the year.
In the Los Angeles Times goes over how the Obama Administration came up with a plan to fix the core problem to the financial crisis. Treasurer Secretary Timothy F. Geithner explained the administration's plan which is to invest alongside private firms to buy as much as $1 million of the troubled assets clogging the balance sheets of financial institutions. This plan is said to boost available funding for al kinds of loans that the bank provides. As of now there is a $700-billion financial-system rescue fund but Obama included in his budget that he hopes to request for another $750 billion in 2010.
The San Diego Tribune further explains the Obama Administration's plan in fixing the financial problem. The plan will liberate banks from bad home loans and mortgage-related securities. This new plan has shown some improvement as the Dow Jones industrial average ended the day up 500 points.
Photo: President Obama -- flanked by, from left, Lawrence H. Summers, chairman of the National Economic Council; Christina Romer, head of the Council of Economic Advisors; Treasury Secretary Timothy F. Geithner; and Federal Reserve Chairman Ben S. Bernanke -- speaks after an economic briefing in the Roosevelt Room of the White House.
Ivan Lopez
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