POLITICS - This week's economic news:
General Motors is planning to slash another 10,000 salaried jobs by May, saying the cuts are unavoidable with a government restructuring deadline looming and industrywide sales in one of the worst downturns in history.
Bankruptcy rates in the United States are up 56% compared to last year. (In Canada they are up 50%.)
The Federal Reserve announced it was expanding a key lending program (aka the Big Bailout) for mortgage lenders and banks to up to $1 trillion.
China is threatening a trade war if the United States economy continues to collapse and head towards protectionism.
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