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“The party is over,” says Peter Schiff, president of Euro Pacific Capita, who warned publicly in 2006 of the sub-prime housing crisis. “We bought too many cars, and now we’re broke.” Writing for Reuters journalist Nick Carey argues that the consequences of the automakers failures are likely to last for years. Already, the crisis has [...]

(Bloomberg) — General Motors Corp., seeking to shed unprofitable units after filing for bankruptcy, may have its agreement to sell the Hummer sport-utility vehicle brand blocked by Chinese regulators, threatening 3,000 U.S. jobs. Sichuan Tengzhong Heavy Industrial Machinery Co.’s bid for Hummer runs counter to China’s attempts to develop a globally competitive auto industry by [...]

AP – More than 90 percent of economists predict the recession will end this year, although the recovery is likely to be bumpy. That assessment came from leading forecasters in a survey by the National Association for Business Economics to be released Wednesday. It is generally in line with the outlook from Federal Reserve Chairman [...]