Obama Clears The Air With Auto Industry

Today is one of those increasingly rare situations where business news is also the front page news. The New York Times plants on its front page three big business stories: today, President Obama will announce tightened fuel efficiency and emissions standards for U.S. automakers; the nation's credit card business will likely see an overhaul--as other outlets report that American Express (AXP) is taking cost-cutting measures--and finally, a look at BlackRock, which the papers says, is emerging from the financial maelstrom as one of the strongest player. The Wall Street Journal conducts its own stress tests on small banks (that's so Journal !). Reuters says a GM bankruptcy is pretty much inevitable and Bloomberg and the Financial Times reports on big banks that are rushing to pay back government loans--a move that will cost taxpayers, the NYT adds. The WSJ off-leads with the announcement today that U.S. cars will by 2016 need to provide at a minimum 35.5 miles per gallon and ... (link)