House OKs $25B Detroit Rescue

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• This Ain't Charity: Detroit Must Win Consumers Back

  Dec 19, 08 4:51 PM CST
  With a $17.4 billion bailout in hand, Detroit must now turn toward restructuring and making the cars America needs, Mark Phelan writes in the Detroit Free Press. “To win back American buyers’ respect,” Phelan continues, “the automakers must show the aid package was a sound investment, not a handout.” That means smaller, fuel-efficient cars as good-looking as they are economical. More »

• White House Gives Automakers $17.4B Bailout

  Dec 19, 08 8:32 AM CST
  President Bush rolled out a $17.4 billion emergency loan package for US automakers today, promising $13.4 billion in immediate short-term loans from the remaining TARP funds and an additional $4 billion available in February, MSNBC reports. But the clock is ticking, as the companies must show they are financially viable by the end of March, or they will be forced to repay the loans.  More »

• Why Asian Automakers Don't Want Detroit to Fail

  Dec 16, 08 11:01 AM CST
  As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and forcing dealer networks worldwide to replace failed brands. More »

• White House May Divert TARP Funds to Automakers

  Dec 12, 08 9:30 AM CST
  The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one or both of the automakers avoid bankruptcy.
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• Automakers Look to Bush to Fend Off Bankruptcy

  Dec 12, 08 7:51 AM CST
  What now for GM and Chrysler? Unless the White House comes up with emergency aid, General Motors could be in bankruptcy within weeks, with Chrysler close behind, Bloomberg reports. GM, in fact, has hired a team of top legal experts to explore that option, which would be one of the largest such filings in history, the Wall Street Journal notes. If either fails, it could trigger job losses of up to 3.5 million, says one study. More »