Retail trade sales were down 3.1 percent from September 2008 and were 5.0 percent below last year. Motor vehicle and parts dealers sales were down 23.4 percent from October 2007 and sales of furniture and home furnishings stores sales were down 13.5 percent from last year.
Also, according to Shell, First Data will be handling the $aver Card transactions including using FDC's TeleCheck check verification services.
According to Paulson, "the illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards. This is creating a heavy burden on the American people and reducing the number of jobs in our economy. With the Federal Reserve we are exploring the development of a potential liquidity facility for highly-rated AAA asset-backed securities. We are looking at ways to possibly use the TARP to encourage private investors to come back to this troubled market, by providing them access to federal financing while protecting the taxpayers' investment."
“Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we’ve ever seen. Best Buy simply can’t adjust fast enough to maintain our earnings momentum for this year,” said Brad Anderson, vice chairman and chief executive officer of Best Buy.