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After dangling an emergency loan package before Detroit's desperate automakers, congressional Democrats abruptly shelve the proposal, demanding that General Motors, Ford and Chrysler provide long-term plans for economic viability.
Also See: CEOs Flew Private Jets to Ask for Bailout | Collapse This Year?
BloggingStocks: Smart Move, Congress

Gerald Herbert, AP

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posted: 37 DAYS 12 HOURS AGOcomments: 0

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Fannie, Freddie Will Halt Foreclosures

posted: 1 HOUR 48 MINUTES AGOcomments: 5

filed under: Financial Crisis

Good news finally for troubled homeowners: Fannie Mae and Freddie Mac, the federally backed mortgage finance giants, will suspend foreclosure sales during the holiday season.
Also See: Unemployment Benefits Extended

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Oil Ends Day Under $50 a Barrel

posted: 1 HOUR 34 MINUTES AGOcomments: 53

filed under: Financial Crisis, Crude Oil Prices

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Slowing demand for fuel pushes oil prices as low as $48.50 a barrel -- two-thirds lower than the record $147 reached in July -- before closing at $49.62, a 3 1/2-year low. The nationwide average retail price of regular gasoline could easily fall below $2 per gallon overnight.

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Treasury Chief Defends Flexible Bailout

posted: 1 HOUR 30 MINUTES AGOcomments: 32

filed under: Financial Crisis

Treasury Secretary Henry Paulson defends the decision to abandon the plan to use the financial industry's $700 billion bailout to buy battered assets. "By proactively addressing the problems we saw coming and being pragmatic enough to change strategy in the face of changed facts and despite the inevitable criticism -- we prevented a far worse financial crisis," Paulson insists.

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Dell Posts Slip in Third-Quarter Profits

posted: 3 HOURS AGOcomments: 0

filed under: Earnings

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Computer maker Dell's earnings fall to $727 million, down 5 percent from a year ago but mitigated somewhat by significant stock buybacks in the last year.

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