Chrysler Sale Suggests New Deal for Detroit

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• Big 3 Execs Finish With Senate

  3 hours, 53 minutes ago
  The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance of passing both houses and ducking a Bush veto. The execs face the House Financial Services Committee tomorrow.
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• Big 3 Would Agree to Oversight if Bailed Out

  7 hours, 1 minute ago
  Detroit’s Big Three automakers would accept federal oversight in return for financial support, the Wall Street Journal reports. The chiefs of GM, Ford, and Chrysler all said that they would accept a bailout styled after that of Chrysler in the late ‘70s, which put the firm under the supervision of a federal agency.
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• Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

  9 hours, 10 minutes ago
  Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better case for assistance than the financial industry, which won a $700 billion rescue plan.
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• In DC Corral, the Big 3 Dare Congress to Shoot

  Dec 3, 08 8:50 AM CST
  The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but lawmakers know they must get concessions from all parties first. Do the Big Three’s latest proposals fit the bill? Here’s how they break down: More »

• Saving Detroit: It's Now or Never

  Dec 3, 08 7:00 AM CST
  If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press. The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they really will collapse without help.
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