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Bush: Auto Bailout 'Not Ready'

Deal seems to be grinding gears

By Ambreen Ali, Newser User

Posted Dec 15, 2008 3:58 AM CST

(Newser) – The federal auto industry bailout appeared to be stuck in neutral as President Bush warned today that a deal is not imminent. "We're not quite ready to announce that yet," Bush told reporters on a plane to Afghanistan. Lawmakers expected the administration to... Read full story »

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No More Bailouts, Detroit or Otherwise: Learn the Lesson

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(NEWSER) - Given the failure of the Wall Street bailout, to think doing the same for Detroit would help the auto industry and America in the long run is fantasy, Kevin O’Brien writes in the Cleveland Plain Dealer. The only thing that will help is to feel the pain. “No more bailouts,” O’Brien writes. “Not for private industries. Not for states. Not for cities. Not for school districts.” More»

Auto Bailout Has Detractors Back in Michigan, Too

Some don't feel sorry for 'high-on-the-hog' Detroit giants

(NEWSER) - The auto industry has driven Michigan’s economy since Henry Ford set up shop, but not all residents are sympathetic to Detroit’s plight, the New York Times reports. Unemployment runs high, and some wonder where the rescue was when their livelihoods were on the line. “The car companies saw the banks getting a bailout and said, ‘Oh, let’s go!’” one resident grumbles. More»

Big 3 CEOs Head Back to DC—This Time by Car

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(NEWSER) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend them $25 billion in low-cost loans, based on reorganization plans to be submitted today. More»

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(NEWSER) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while other segments of TARP actually reaped profits—like the $22 billion feds expect to pocket when they sell their stake in AIG. More»

Bailed-Out Banks Don't Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

(NEWSER) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post. JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue that the banks rescued by the government should now help the government rescue Chrysler. More»

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Bush: Auto Bailout 'Not Ready'

Deal seems to be grinding gears

Bush administration • US economy • auto industry • Big Three • bailout • job • George W. Bush • financial crisis • Wall Street bailout • auto bailout

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More Newser Stories

No More Bailouts, Detroit or Otherwise: Learn the Lesson

Yes, there will be pain, but saving irresponsible companies bad for US future

Auto Bailout Has Detractors Back in Michigan, Too

Some don't feel sorry for 'high-on-the-hog' Detroit giants

Big 3 CEOs Head Back to DC—This Time by Car

CEOs of America's automakers will renew plea for bailout today

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

Bailed-Out Banks Don't Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

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