The value of real estate funds is eroding further. The average property fund we track shrank 5.64% for the week ending Thursday, Dec. 4, excluding inverse funds.
With just $20 billion of the first $350 billion remaining from the $700 billion Troubled Asset Relief Program's financial-rescue package, bank lending has not emerged to thaw out our credit-market ice age. Congressional leaders are pushing the Treasury to use the last of the money to bail out General Motors(GM Quote) and Ford(F Quote) instead of funding additional equity stakes in banks.
Treasury Secretary Henry Paulson has not yet requested the second $350 billion from Congress. One reason he's holding back is the preemptive brush-back by House Financial Services Committee Chairman Barney Frank, who believes Treasury ignored foreclosure relief. Senate Banking Committee Chairman Christopher Dodd joined with House Republicans in rejecting further TARP money until details are disclosed on how the first tranche was spent. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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DOWN
37.61
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DOWN
0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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