So here are a few articles I have come across in recent days as well as observations
1) Nortel, JCPenney & Pizza Hut all had layoffs here in Dallas.
2) American Express became a bank. They now get access to the gov'ts coffers via discount window and can sell their securitized credit card balances to the government. They get liquidity. WOW!
3) There is more push to get these auto manufacturers part of the bailout package. Did you know that GM, less than a decade ago, paid out dividends & bought back stock worth $20 BILLION? If you knew that, how would you feel about bailing out the auto manufacturers, investors and unions? If they didn't pay out the cash the unions would have taken it via DEMANDING higher wages for an "honest day" of work.
Which then brings me to this CNBC/LinkedIn.com poll. Looks like most American's, by state or career path, don't agree with the auto manufacturers getting one penny....
4) Finally, unemployment / weekly job claims data today stunk. Below are some graphs re: unemployment and the trends. With every passing week and datapoint I see (lots of new data) I get more adamant that 10% unemployment is possible.