If you do not already know, GM and Chrysler have decided to extend their holiday shut down (they typically close down production about 2 weeks for the holidays). Chrysler has announced that it is stopping all vehicle production for at least a month. GM announced a few days ago that it is idling about 30% of their production during the first quarter of 2009.
I guess this is a clear wake-up call to the government that Detroit needs a bailout of some sort. Bush has also recommended an “orderly bankruptcy” for auto companies. This would mean a government run bankruptcy that would help speed things up for the companies. I feel this would be better than handing them money as I think they would not be able to pay it back. Bankruptcy is a viable option because it will allow them to restructure and get out of some of the labor contracts they are currently in. That seems to be the root of their problems.
Anyway, here are some of my favorite posts from the past week.
Jeff at Moolanomy shows you how you can lose money in this economy and still pay taxes.
Jim at Blueprint for Financial Prosperity gives us the insight on 4 things that we are duped into buying. I have to admit that I have been duped into 3 of the 4. If I had a home, I bet that would jump to 4 of 4.
Gather Little by Little gives us the inside scoop on Blue Hippo computers. I have always wondered about this company and how bad they rip people off. GLBL shows us just how bad the damage is.
Michael at Beyond Paycheck to Paycheck gives his 5 year-end financial planning tips to think about. These are some great tips to think about and act upon. Also, he has a great book titled Beyond Paycheck to Paycheck. It is a great read for beginners who do not know where to start.
By the way, I am getting married in July of 2009. I thought I would get myself pumped for the wedding by doing a weekly post on frugal wedding tips. I am going to call it Frugal Wedding Wednesdays. You can look for the first post next week! Enjoy your weekend and these great posts!