Autos. Sentor John Ensign (R-Nevada) is making waves with any auto bailout loan. He seems to be pushing Chanper 11 or a look-a-like reorganization. As suggested, yesterday, the lack of a loan guarantee to the auto companies could scuttle this rally.
Jobs. The number of companies announcing new lay-offs are too many to list here. Jobless numbers are headed to double digits and with it consumer spending and confidence. Recent firings point fourth quarter GDP numbers much lower than current expectations. There are estimates out there of minus 8%, about twice current consensus of minus 4%.
Away from the market. Humana is our current supplier through its prescription drug plan. They raised their ’09 prices so much that I re-visited Medicare.gov to see what other plans were available. This is a nifty service and simple to use. Enter the drugs the in use and all plans approved by the government appears. The results are easy to understand and it has prompted us to change vendors. Cost savings of about $1200 next year. We will use the same pharmacy. I expect our ’09 supplier to raise rates as well so I’ll head back to medicare.gov again next year.
