On Monday Apple's stock rose dramatically, gaining 4.22 percent by the end of trading and closing at $94.58. Analysts attribute this dramatic rise to an announcement made today by Steve Jobs, Apple's CEO, regarding his health situation.
The federal government handouts to the auto industry continued over the weekend with the announcement of a $4 billion bridge loan to Chrysler LLC to help keep the Big Three automaker afloat. Chrysler, be it duly noted, is 81 percent owned by Cerberus Capital Management LP, one of the world's largest hedge funds, which has been inexplicably unwilling to use any of its own billions to help the troubled automotive giant.
The Bush administration and the Federal Reserve announced on November 25 almost $800 billion dollars in additional funds to help, bail out, or otherwise prop up the financial sector, bringing to nearly $7 trillion the total sum that the federal government has thus far spent or pledged to spend in its feckless efforts to spare America's largest corporations from insolvency. Included in the latest package is $200 billion for the purchase of securities backed by many different kinds of loans, including student, credit card, auto, and small business. Such loans have become much harder to obtain in recent months, and the Fed's action is intended to get credit in these areas moving again.
The pleading for a financial bailout of the U.S. auto industry is becoming more widespread and insistent. Governors from Michigan, Kentucky, Ohio, Delaware, New York, and South Dakota have added their voices to those of auto executives urging U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to share with automakers some of the $700 billion earmarked for Wall Street. They claim that Detroit's Big Three (General Motors, Ford, and Chrysler) are too big to fail, since one out of every 10 jobs in America depends on the auto industry. In addition to the hundreds of thousands employed directly by the automakers, millions more work in the industries that supply steel, aluminum, copper, plastics, rubber, and electronics to them.