Best Buy Names New CEO; IBM to Post Strong 2008 Earnings; BHP Cuts 6,000 Jobs; GM Loses Sales Crown to Toyota; Investors Retreat From Hedge Funds; Housing Market Index Hits New Low; Satyam Seeks Funding; Crude Futures Climb

Toyota’s Announces 2008 Sales, New Prez; Constellation Unloads London Unit to Goldman; China Urban Unemployment Rises; Kingdom Holding Posts Massive 4Q Loss; WB Cuts 800 Jobs; JNJ Profit Up 14%; Rohm and Haas Sheds 900 Jobs; Google Shelves Print Ads Program

President-elect Barack Obama said Saturday that an analysis of his stimulus proposal found that the capital infusion could save or create as many as 4 million U.S. jobs by 2010, nearly 90% of them in the private sector.

Major domestic sales declines from Toyota Motor Corp. (ADR: TM) and Nissan Motor Corp. (ADR: NSANY) led Japan to post its worst overall annual vehicle sales in nearly three decades.

Joining a chorus of ailing U.S. automakers, Toyota Motor Co. (TM) yesterday (Monday) forecast its first operating loss in 71 years on plummeting demand and sharp appreciation of the Japanese yen. The announcement prompted Moody’s Investors Service to consider downgrading the company’s top-rated credit.

The manic-depressive trading activity continues to cause nauseating headaches for the investors brave enough to own shares of the nation’s automakers. On Friday they celebrated victory in Washington. Today, it looks like the smiles will be short-lived.

Chrysler LLC stunned its employees and dealers early yesterday (Thursday), announcing it was suspending all manufacturing for at least a month, and tightening wholesale credit terms to dealers. By the end of the day, Chrysler was joined by its two other Big Three brethren – General Motors Corp. (GM) and Ford Motor Co. (F). – which also shuttered factories.

The U.S. House of Representatives approved a $14 billion federal loan package for Detroit’s embattled “Big Three” late yesterday (Wednesday), overcoming Republican opposition in the House but leaving the bill to face an uncertain fate in a hostile Senate.

Congressional Democrats and the White House yesterday (Wednesday) finalized a short-term package that’ll supply General Motors Corp (GM), and Chrysler LLC with $14 billion in emergency loans.

The fact that after over 30 years of consistent mismanagement and decline, there is still any discussion on whether or not we should allow the now significantly smaller “Big Three” automakers to fail is clear evidence that Washington has lost all common sense.