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In DC Corral, the Big 3 Dare Congress to Shoot
In DC Corral, the Big 3
Dare Congress to Shoot
OPINION
Dec 3, 2008 8:50 AM CST

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

(Newser) - 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...

Saving Detroit: It's Now or Never
 Saving Detroit: 
 It's Now or Never 
OPINION
Dec 3, 2008 7:00 AM CST

Saving Detroit: It's Now or Never

Auto industry in danger of going under while lawmakers haggle over lifeline

(Newser) - 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...

Automakers Raise Request to $34B

(Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up...

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

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

(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...

Once United, Big 3 Take Different Roads to Bailout

Automaker bring different bailout concerns in appeal for federal aid

(Newser) - When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times. Ford, in best financial shape, wants only the promise of access to federal...

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

(Newser) - A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler...

Detroit Should Look at the History of Steel
Detroit Should Look at the History of Steel
Analysis
Nov 23, 2008 2:09 PM CST

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ...

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The...

Hey, Mitt, Your Naked Opportunism Is Showing
Hey, Mitt, Your Naked Opportunism Is Showing
OPINION
Nov 20, 2008 3:43 PM CST

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent...

Congress to Big 3: Ball's in Your Court

(Newser) - After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before...

Big Three Worse Than Somali Pirates
 Big Three Worse 
 Than Somali Pirates 
OPINION
Nov 20, 2008 1:37 PM CST

Big Three Worse Than Somali Pirates

Extortion done right in Detroit

(Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the...

Auto Execs Hit Turbulence Over Private Jets
 Auto Execs Hit Turbulence Over Private Jets
OPINION
Nov 20, 2008 7:49 AM CST

Auto Execs Hit Turbulence Over Private Jets

Legislators put screws to extra-shiny tin cups

(Newser) - Take three auto execs, add the private jets each took to a Capitol Hill hearing to beg for a federal bailout, and you get a recipe for the heaping helping of humble pie legislators served up, writes Dana Milbank in the Washington Post. "There's a delicious irony in seeing...

Political Deadlock Dims Chances of Aid for Detroit

(Newser) - The CEOs of Detroit's Big Three automakers left Capitol Hill today with bleak prospects of getting $25 billion in emergency loans, Bloomberg reports. Negotiations continue, especially among lawmakers of automotive states, but Republicans and Democrats are deadlocked over where any such aid should come from. Senate leader Harry Reid canceled...

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was...

Romney: Let Detroit Go Bust
 Romney: Let Detroit Go Bust 
OPINION
Nov 19, 2008 7:26 AM CST

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a...

Detroit's Big 3 Plead Their Case in Washington

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would...

Debunking 6 Myths About Detroit Carmakers
Debunking 6 Myths About Detroit Carmakers
ANALYSIS
Nov 18, 2008 2:45 PM CST

Debunking 6 Myths About Detroit Carmakers

Clamor over bailout obscures some truths about Big Three

(Newser) - Misconceptions and half-truths abound in the discussion over giving Detroit’s big three carmakers a chunk of federal bailout cash. Mark Phelan, in the Free Press, clears up six myths:
  1. Nobody buys GM, Ford or Chrysler anymore.
  • Fact: The three combined sold 8.5 million vehicles domestically last year—GM
...

Control Emerges as Key Issue in Detroit Rescue Bills

House version calls for tough steps to make US industry more viable

(Newser) - Competing versions of a rescue package for US automakers have hit the floors of the House and Senate, the Detroit Free Press reports. The bills, both of which face fierce opposition from Republicans, draw on the $700 billion bailout allotted to the finance sector and call for similar limits on...

Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

(Newser) - Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money....

Let Detroit Go Bankrupt: Brooks, Krauthammer
Let Detroit Go Bankrupt:
Brooks, Krauthammer
OPINION
Nov 14, 2008 12:31 PM CST

Let Detroit Go Bankrupt: Brooks, Krauthammer

Auto bailout throws good money after bad, goes against US capitalism itself

(Newser) - American prosperity relies on creative destruction—the failure of nonviable companies and their replacement by defter rivals. The government endeavors to protect the worker in periods of transition, writes David Brooks in the New York Times, but not the firms themselves. That’s why the auto-industry bailout is a bad...

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