Stimulus Package

It seems like President Obama's stimulus package, after much debate seems like it will be passed for about $700b. Though it seems lately that even after much debate, more debate is still done as someone has an unusual question that causes everyone to panic and make a decision that takes a turn for the worse. The President though seems to speak his mind and is saying that the bill needs to be passed, it needs transparency, and it needs to be done soon as the economy seems to on a downhill slide and more and more people are losing their jobs every week.

Record Setting Layoffs

In what can be considered one of the worst days to hit the point home about the recessions, 71,400 jobs were lost today as a result of the economic and financial crisis affecting the United States in many years. In what is being dubbed 'Bloody Monday' jobs are being cut mainly because in recent years sales have focused mainly on the consumer, and frankly the consumer is just about out of money because of the housing market collapse, and the effects of essentially two wars (abroad and domestic). Although some say this is too be expected, others are surprised at how hard people are being hit, especially since many view this as something that is not technically their fault to begin with. Many are not hopeful as close to 200,000 job cuts are to be expected.

http://money.cnn.com/2009/01/26/news/economy/job_cuts/index.htm

Financial Future

As everyone looks forward to tomorrow's inaguration of President-Elcect Obama, the most pressing concern is the economy. The present seems to belong to banks falling apart or failing (Citigroup and BofA) and scandals (Madoff and Mike Corona), investment managers are looking to the future and how to get earnings back up and stimulate the economy according to Obama's plan which he wants to have ready within the next week or so.

For more information, read this article on CNBC.com.

Obama's Economic Plan

Obama's economic team says President-Elect Obama wants to see the remaining bailout package broadened in its use to help stabalize the economy. They also want more transparency as to how the money is being spent to help recognize if the money is being used properly or not. Obama has spoken with President Bush to keep him informed about what is currently being done so Obama can immediately get to work when he starts later this month.

http://finance.yahoo.com/news/Obama-team-spells-out-need-apf-14031921.html

Wal-Mart and Obama

Although the first day of the trading year brought a bit of hope to investors, it seems that even the world's largest retailer can't avoid the recessionary environment as its shares slid today. Even on the day that Obama would unveil his economic plan, it seems that it did not help matters any or provide any hope for the future. The only hope lies in the abilities of the new administration even though the stock markets are still on a roller coaster ride downhill.

http://finance.yahoo.com/news/Market-dips-as-WalMart-gloom-rb-14006323.html

Low December Prices

Prices for goods in general have fallen in December to help lighten the mood over the economy though job losses and the economy as a whole are generally still getting worse. The only other good news is the price of gas as it continues to steadily fall. The mood still hasn't improved much since people still don't have the money to spend on the lower priced goods.

http://biz.yahoo.com/rb/081223/business_us_usa_economy_sentiment.html

Recession

A report released today announced that the U.S. has been in a recession since December of 2007 according to the National Bureau of Economic Research. The whole report can be read here on CNBC's website.

Click here to watch CNBC's review on the NBER report