Eugene Robinson / TruthdigMar 31, 2009
The president is telling Detroit to shape up or die while at the same time politely asking Wall Street, whose recklessness and greed caused this economic crisis, if it would be so kind as to accept another heaping helping of taxpayer funds. Dig deeper ( 3 Min. Read )
Staff / TruthdigMar 30, 2009
The Obama administration auto task force has sent both GM and Chrysler back to the drawing board, turning down requests for additional loans until the companies come up with more realistic restructuring plans. The government will prop up GM for two months while the automaker tries again. Chrysler has 30 days. Dig deeper ( 1 Min. Read )
E.J. Dionne Jr. / TruthdigFeb 19, 2009
It makes sense to prop up ailing carmakers. Allowing GM and Chrysler to go bankrupt could be a triggering event that might make a very bad economy much worse. Dig deeper ( 3 Min. Read )
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Staff / TruthdigFeb 18, 2009
General Motors, recipient of the 2009 "Nation's Most Resistant-to-Change Company That Still Gets Federal Assistance" award, wants more. The auto giant on Wednesday asked for $16.6 billion in loans, on top of the $13.4 billion already granted. All this amid GM plans to shed 47,000 jobs worldwide. Dig deeper ( 1 Min. Read )
Staff / TruthdigFeb 17, 2009
What's to be done about the floundering American automotive industry? Appoint a "car czar," you say? No, this is a job for a whole team of people, such as the newly formed Presidential Task Force on Autos. One small hitch: It'll be headed up by Timothy Geithner and Lawrence Summers. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 21, 2008
Although President Bush has kicked off the auto industry bailout process before leaving office, some would call Bush's strategy more of a punt to his presidential successor, Barack Obama. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 19, 2008
In an avowed effort to save capitalism from itself, President Bush announced Friday that he would throw the Big Three failing auto companies a $17.4 billion lifesaver, siphoning that money from the initial $700 billion bailout slush fund authorized by Congress in October. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 10, 2008
Agreement has been reached between the White House and congressional Democrats to offer the U.S. auto industry a $14 billion emergency package aimed at keeping the Big Three going until spring. Also, in the grand tradition of state socialism, the deal includes a new auto "czar" to oversee the restructuring of Detroit. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 8, 2008
As congressional leaders, the White House and President-elect Obama came to terms with a $15-billion loan package for the auto industry, Sen. Chris Dodd suggested Sunday that not all executives should stick around to spend that money. GM CEO Rick Wagoner "has to move on," the senator declared on "Face the Nation." Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 4, 2008
With a bailout of the Big Three hovering over our political landscape, popular opinion has signaled a considerable voice against any federal support for the failing auto industry. A poll shows 61% of Americans oppose a bailout, believing any government assistance would be both unfair and ineffective in fixing the economy. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 3, 2008
After a dismal November, Ford Motor Co. is hanging by a thread, but the automaker told Congress on Tuesday that it is in better shape than Chrysler and General Motors and could make it through its current economic crisis with a little help -- to the tune of $9 billion in standby loans. Dig deeper ( 1 Min. Read )
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