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NEWS ABOUT: auto bailout

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No Hope for Detroit Until We End Rip-Off Financing

The indebted consumer can't afford cars

(Newser) - Congress' plan to bail out Detroit ignores one fundamental problem: Americans owe so much on their current cars—often more than the vehicles are worth—that they can't buy new ones, writes Stephanie Mencimer in Mother Jones. Detroit—along with the "great scourge of the American consumer market: the... More »

The US Has Become the GM of Nations

Friedman: Stimulus must be a reboot, not just a bailout

(Newser) - Last week Tom Friedman flew from Hong Kong to New York, and the contrast between the two cities' airports was "like going from the Jetsons to the Flintstones." For the New York Times columnist, American infrastructure has become a symbol for a country that, for all its... More »

Ford Scores PR Cred by Declining Bailout Cash

By not begging to feds, but supporting Detroit mates, company well positioned

(Newser) - Ford’s decision not to take any of the $17.4 billion in bailout cash granted General Motors and Chrysler is paying the company public-relations dividends that could translate into cash in its showrooms when the economy recovers, Advertising Age reports. It was also a good move, analysts say, to... More »

Canada Pledges $3.3B Aid for Automakers

Feds, Ontario grant emergency loans for its subsidiaries

(Newser) - A day after President Bush offered a bailout to American automakers, Canada announced plans to follow suit. The federal and Ontario governments will grant GM and Chrysler’s Canadian subsidiaries $3.3 billion ($4 billion in Canadian dollars), the Globe and Mail reports. “We cannot afford either in the... More »

Bailouts a Fling for Nation Married to Free Market

Bailouts not a betrayal of free market ethos, really

(Newser) - Washington's bailout of the auto industry would normally "be a turning point in the history of American Capitalism,” writes Steven Pearlstein of the Washington Post. Now it’s business as usual in “Bailout Nation.” That doesn’t mean the US has abandoned its free market ethos,... More »

This Ain't Charity: Detroit Must Win Consumers Back

Americans will get back on board if auto giants prove they can make good cars again

(Newser) - 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,... More »

Bush: Auto Bailout 'Not Ready'

Deal seems to be grinding gears

(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 quickly reallocate part of the... More »

Bailout First Skirmish in GOP, UAW Battle

(Newser) - The defeat of the Detroit bailout bill by Senate Republicans is seen by some in Washington as a preemptive strike against organized labor, the Los Angeles Times reports. The GOP framed their opposition partly as a message to the United Auto Workers, claiming high wages were the cause of Detroit’... More »

Meet the GOP's Auto Bailout Busters

A union-busting, foreign-car loving crew is holding up Detroit's rescue

(Newser) - With Nissan, Toyota, Volkswagen and other foreign factories dotting the I-65 corridor stretching from Kentucky to Alabama, southern Republican senators relished this week's chance to take a swing at Detroit and the UAW simultaneously. The "bailout fell victim to a nasty confluence of home-state economic interests and anti-union sentiment,... More »

Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

(Newser) - Japan and the European Union announced new measures to bolster their economies in the wake of the collapse of the US auto industry bailout. The Japanese government multiplied its bank recapitalization fund sixfold, to $131 billion, and announced an $11 billion package to save jobs. "We are working at... More »

Stocks, Dollar Dive as Bailout Collapses

Markets fall in Asia, Europe; car companies lead declines

(Newser) - Asian markets dove today, and European exchanges opened down as the Senate abandoned efforts to bail out the American auto industry. The Nikkei in Tokyo and the Hang Seng in Hong Kong both closed down about 5.5%, with major exporters like Toyota and Sony leading declines. The bailout's collapse... More »

Dark Day for Detroit

Bailout collapse leaves state fretting over future

(Newser) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times... More »

As GOP Stiffens, Auto Bailout Prospects Hit the Skids

McConnell, GOP move further away from supporting Detroit aid

(Newser) - As Republican resistance to the $14 billion auto-industry bailout mounted, proponents flogged today's dismal unemployment figures to bolster their case, Politico reports. Mitch McConnell abandoned the White House, which continued to push the bill; the Senate minority leader unexpectedly said the measure "promises taxpayer money today for reforms that... More »

No More Bailouts, Detroit or Otherwise: Learn the Lesson

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

(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 »

House Likely to Vote on Auto Bailout This Afternoon

Senate likely tomorrow; GOP has harsh words

(Newser) - The House is ready to vote on a $15 billion bill to rescue GM and Chrysler as early as this afternoon, the Detroit News reports. The Senate, meanwhile, is likely to vote tomorrow morning. “My understanding is it is done, but the piece of paper is not before the... More »

Calls Build for GM's Wagoner to 'Move On'

Dodd, Obama hint a change at the top is in order to get bailout

(Newser) - Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’... More »

Dem Leaders Say OK to Auto Bailout Plan

Shocking jobs figures prompt lawmakers to support rescue

(Newser) - Democratic lawmakers will bail out the Big Three with billions of dollars in loans after all, the New York Times reports. Their change of heart, which comes after 2 days of auto exec hearings, was inspired by today's news that half a million Americans lost their jobs last month. Congress... More »

Auto Bailout Must Be Paid Back: Bush

Bush supports some aid, but it must be done his way, he warns Dems

(AP) - Using the word "recession" for the first time to describe the US economy, President Bush today demanded that Congress adopt his approach to an auto bailout and require car companies to pay back any federal aid. But he displayed skepticism about the wisdom of new aid, saying he is... More »

Automaker Bankruptcy Would Be 'a Disaster': Frank

Debate rages on auto bailout

(Newser) - The CEOs of the Big Three are back on Capital Hill this morning testifying before the House Financial Services Committee, and Barney Frank at least seems sympathetic. The chairman said bankruptcy “would be a disaster,” given the current credit markets and today’s dire job report, adding that... More »

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

(Newser) - 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... More »

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