Wednesday, September 9, 2009

Wednesday premarket

AlphaNinja - Futures flat on a quiet news morning, stocks will open little changed.

While many of the bank bailouts have been profitable for the taxpayer, the Congressional Oversight Panel warns that the $81billion sunk into GM and Chrysler not only may never be recovered, but also may be overly political.
The panel, which oversees the U.S. government’s $700 billion Troubled Asset Relief Program, raised questions about the Obama administration’s transparency in aiding automakers and challenged the Treasury Department to make more disclosures about company decisions and the government’s future role.
“Congress and ultimately the American taxpayer have been left in the dark concerning details of Treasury’s review process and its methodology and metrics at a time when Treasury committed additional TARP funds to these companies,” the panel said.

China prepares to enter the commercial aviation market with its planned 2016 release of "The Big Plane."
China is taking aim at the heart of the global commercial aerospace industry with a jet dubbed “The Big Plane,” seeking to crack the duopoly Boeing Co. and Airbus SAS hold in the $70-billion-a-year market.

Despite claims of a bottom in housing, many "exotic" mortgages have yet to reset to higher rates, signalling danger ahead.
In the next 12 months, $71 billion of interest-only loans will reset. The year after, another $100 billion will reset. After mid-2011, another $400 billion will reset.

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