Obama To Detroit: No Bailout

While in the past President Obama has been more that willing to throw good money after bad and "refuse to let Detroit go bankrupt," it seems when push comes to shove - under the intense scrutiny of a nation awash in scandal, a drastically bifurcated congress - that despite the imploring from local congressmen for "moar" already - that the savior of the city will not this time ride to the rescue on his white horse.

In a statement, the White House said they "are monitoring the situation in Detroit closely," with no hint - just as they have made clear for months - of any sort of Federal bailout. As USA Today notes, the federal government provided federal loans to prevent New York City from declaring bankruptcy during the 1970s. But times have changed; the federal government has debt and financial problems of its own, and a Detroit bailout could run into significant opposition in Congress and cause serious damage in the Muni market.

While the GM debacle put pensioners ahead of creditors, it would be unprecedentedly bad for the massive Muni bond market should Obama acquiesce and change the law once again to put pensioners ahead of GOs... Read more >>

The Layoff Kings Of 2012

If you have a job, be thankful, because more than 1 million American workers were laid off during the first three quarters of the year, according to the Bureau of Labor Statistics. That's better than the same period last year, but not by much, and some companies handed out especially large numbers of layoff notices.

Check out some of this year's layoff kings. Read more >>

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Layoff Kings Of 2012

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U.S. Newspaper Circulation Slips Further

Average daily circulation at the U.S.'s largest newspapers edged down during the six months ended in September from a year earlier, adding to declines for an industry that has been beset by weak advertising and competition from a swath of digital technologies, according to the Audit Bureau of Circulations

Average weekday circulation for 613 U.S. dailies decreased 0.2%, based on a cumulative average for the period ended Sept. 30 from a year earlier. However, Sunday circulation for 528 Sunday papers was up 0.6% in the latest period.

Circulation rose sharply at The Wall Street Journal, which had average weekday circulation of 2.3 million as of Sept. 30, up 9.4% from a year earlier.

The Wall Street Journal maintained its position as the country's largest newspaper by average weekday circulation, with others in the top three spots also keeping their ranks.

The Journal moved past Gannett Co.'s flagship USA Today as the largest U.S. newspaper in 2009. USA Today had been the biggest paper in the U.S. for a decade. Read more >>