Wall St. Down, Recession Fears Kick In
Yesterday's stock market gains didn't last through today. The Dow closed down today , due to fears of recession.
Two stocks that gained: Citigroup and Bank of America.
The AP has more on today's 200 point drop.
On a related note, GMAC told General Motors car dealers yesterday only people with credit scores above 700 will get new car loans. That's going to leave a lot of unsold cars on the GM dealers' lots. Cars the dealerships may own but be financing and paying interest on. How long can they hold out? [More...]
If the car dealerships go under, a lot of people will lose jobs -- not just in sales but in the service departments, including mechanics and the like.
While many car loans are now made through banks and credit unions, GMAC is still a pretty big player.
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