Wall Street just opened--so maybe more bad news later. But what we know now, some of it yesterday's happenings, but not good nonetheless. Obama is eyeing up some more help for the struggling auto industry. If they crash, that would be big. Think of the implications of one of the biggest industries in the history of the United States having to close doors to go broke. It could be a massive rearrangement of everything we ever knew to be safe.. While the unknown is still unknown, what is known is that increasingly members of the Senate and Congress, and now the soon to be Obama Administration, are also thinking of the implications.. Reports that for basic survival, GM will need money in coming weeks.. DHL said it will cut virtually all of the US packaging industry, and eliminate the US's near 10,000 jobs. And in Wilmington, Ohio, there exists about thousands of the DHL jobs that will be cut. This situation poised to create a crisis for the town in Ohio. The news of DHL's adjustments creating a bust for Wilmington OH. Wilmington is home to a sprawling distribution hub, and more than 7,000 jobs will disappear, devastating the local economy.. Hubs in Allentown, Pa., and Riverside, CA, also expected to close.. The Federal Reserve allowed American Express to become a bank holding company Monday evening. .more reason to not leave home without it.. People sick of the $4 cup of coffee, and going to their local 711 instead: Starbucks profits drop 97% in fourth quarter.. Supply and demand curves changing as attitudes towards things that needed changes, as well.. Oh.. the good news? McDonalds profits up as people find good old comfort in high fructose and fat: an 8.2% gain in restaurants globally for the fast food giant.. What to watch: GM, AIG getting more money from the bailout than previously thought they would, and that little pesky story about the Post Office possibly doing layoffs of 40,000 or so workers for the first time ever. In history. (Though the 40,000 number may be overly high)

Labels: depression, Economy, Money, recession, stock market