President-Elect Obama named former Federal Reserve Chairman Paul Volker to head his new Economic Advisory Board. A panel set up to analyze recommendations and get the economy back on track.
Analysts estimate that GM's debt could lose 75% of its face value if the government provide aid to the company.
Mortgage rates finally fall under pressure from the Fed. Average rates dropped to 5.5% this morning from 6.38%.
Buffet had a good 3rd qtr with financial stocks, Wells Fargo, US Bankcorp and American Express, earning 36% and averaging 2.3% over the course of the year. So far in the 4th qtr, Buffets financial shares have lost 41%.
Sales of new houses has fallen to the lowest level since 1991 on the loan freeze. Units sold totaled just 440,000 units.
Treasury's are at a record low yield of 2.9837%.
Crude inventories rose an unexpected 7.28 million barrels. Analysts expected a rise of 1 million barrels. Options traders are betting the price of February crude to fall below $25.