GMAC cleared to join Fed commercial paper plan (Reuters)
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Reuters - GMAC LLC, the auto and mortgage finance company, on Tuesday said it had been approved to use the commercial paper funding facility created earlier this month by the U.S. Federal Reserve with the aim of easing pressure on the corporate credit market.
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October 28th, 2008
O’Neill: No more mortgages without down payment (AP)
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AP - President Bush's first treasury secretary says Congress should scrap plans for a new economic stimulus package and instead require that no future home mortgage be awarded without a 20 percent down payment.
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Car dealers hit by sales decline, weak economy (Reuters)
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Reuters - Auto retailers swung to a quarterly loss in the third quarter, beaten down by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy as well as hurricane-related damages.
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Election 2008: Obama on the Economic Issues (BusinessWeek Online)
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BusinessWeek Online - -- Income Taxes: Senator Barack Obama (D-Ill.) would hold most income tax rates steady, making permanent the Bush tax cuts for the vast majority of individual taxpayers. With those cuts scheduled to expire in 2011, he would allow rates for households making more than $250,000 (or individuals making more than roughly $200,000) to return to earlier levels. Earners who now pay today's maximum 35% rate would see their top marginal rate go back to the 36.9% in effect in the Clinton years, for example.
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