auto industry

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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...

What a Detroit Bankruptcy + Bailout Should Look Like

And what the bailout might look like

(Newser) - Barack Obama isn’t in the Oval Office yet, but he’s already passed his first presidential test “with flying colors,” in Steven Pearlstein’s book. With Democrats ready to roll over for the not-so-big three, and Republicans stonewalling, Obama broke the stalemate with just the right bankruptcy-then-bailout....

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...

Chinese Automakers Seek US-Style Bailout

Country's carmakers look to Beijing as slowdown puts the brakes on sales

(Newser) - China's automakers are looking to emulate a new Detroit invention—a bailout, the New York Times reports. After years of rapid expansion, the industry has been hit by a sudden slowdown as confidence crashes both home and abroad. Executives are now quietly pressing Beijing for a US-style rescue package to...

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
...

Ford Sells 20% Stake in Mazda to Raise Cash

The sale should net Ford about $540 million

(Newser) - Ford is slashing its stake in Mazda by nearly two-thirds, joining other struggling US automakers in a fire-sale of prized assets to stay afloat. Ford, which owns 33.4% of Mazda, will sell about a 20% stake, the companies said. The sale would net Ford $540 million based on Mazda's...

Save GM With Guided Bankruptcy
 Save GM With 
 Guided Bankruptcy 
OPINION
Nov 18, 2008 8:07 AM CST

Save GM With Guided Bankruptcy

Let's make this a Chapter 11 affair, not a Chapter 7

(Newser) - GM is claiming all it needs is a “bridge loan,” but the automaker is losing money so fast that bridge would be burned by February, writes Andrew Ross Sorkin in the New York Times. What GM really needs is bankruptcy—but one guided by the government. “Taxpayers...

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...

Detroit Bailout Is Key Opportunity for US Economy
Detroit Bailout Is Key Opportunity for US Economy
OPINION
Nov 17, 2008 12:58 PM CST

Detroit Bailout Is Key Opportunity for US Economy

Bankruptcy spells disaster; loan would speed green progress

(Newser) - Letting one—or more—of the Big Three automakers slip into bankruptcy could push the US economy into depression and would imperil millions of jobs tied to the industry, writes Jeffrey D. Sachs in the Washington Post. Instead, the government should bail out the industry, taking the lead in positioning...

Foreign Automakers Could Fill Detroit Vacuum

But gov't risks big job losses if Big Three fail

(Newser) - If Detroit’s “Big Three” do collapse, foreign-owned automakers would be able to pick up the slack, industry experts tell the New York Times. These foreign giants have a big enough US presence to swiftly take over the industry and its supplier network, but the transition would likely be...

Slowdown Puts Mining Outfits in Deep Hole

China's drop in demand further drives down commodities

(Newser) - Mining companies are shutting down production, laying off workers, and trying to sell excess product as the global economic slowdown drills into the industry’s profits, reports the Wall Street Journal. Metal prices dropped a record 35% last month, and nearly every mineral has been hit. Mining, once an economic...

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....

Newt: Palin's Not It in 2012
 Newt: Palin's 
 Not It in 2012 
TALK SHOW ROUNDUP
Nov 16, 2008 1:48 PM CST

Newt: Palin's Not It in 2012

Group of frontrunners will emerge, Former House Speaker predicts

(Newser) - Newt Gingrich predicts that Sarah Palin will not be the Republicans’ 2012 presidential nominee, the Hill reports. “I think that she is going to be a significant player,” the former speaker of the House told Face the Nation. “But she’s going to be one of 20...

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...

Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's...

Auto Bailout Unlikely Until Obama Takes Office

Detroit automakers warn that next year may be too late for rescue

(Newser) - It’s looking unlikely that a new economic stimulus package and a Detroit bailout will happen this year, the Wall Street Journal reports. The proposals are facing stiff resistance from Republicans and may have to wait until the new, more heavily Democratic Congress convenes in January and Barack Obama takes...

The Big Debate: Bailout or Bankruptcy?
 The Big Debate: 
 Bailout or Bankruptcy?
Analysis
Nov 13, 2008 8:24 AM CST

The Big Debate: Bailout or Bankruptcy?

Should the government pay for GM's surgery

(Newser) - The water is coming in fast at General Motors, and Washington is readying its bailing buckets. But simply giving GM money won’t keep America’s biggest automaker afloat. GM needs massive restructuring, and many believe bankruptcy court is the place to do it, says the New York Times, reviewing...

Bailout? Detroit Needs a Brain
 Bailout? Detroit 
 Needs a Brain 
OPINION
Nov 12, 2008 10:28 AM CST

Bailout? Detroit Needs a Brain

US auto industry needs to re-learn how to innovate; Mich. lawmakers not immune, either

(Newser) - The appalling prospect of a $25 billion bailout for Detroit automakers—“ an industry that became brain dead”—has Thomas Friedman, writing in the New York Times, outraged. He blasts “a very un-innovative business culture, visionless management, and overly generous labor contracts” for the mess, and heaps blame...

Detroit Needs Green Deal or No Deal
 Detroit Needs 
 Green Deal 
 or No Deal 
OPINION
Nov 12, 2008 9:01 AM CST

Detroit Needs Green Deal or No Deal

If we bail out the auto companies, let's do it on our terms

(Newser) - If we’re going to bail out the auto industry, writes Joseph Romm in Salon, let’s do it right. Detroit’s Big Three have spent years fighting tooth and nail against the very innovations that could save them: higher fuel efficiency and hybrid-electric cars. Detroit has “been suicidally...

Pelosi Urges Lame-Duck Session to Push Auto Bailout

(Newser) - Nancy Pelosi plans to convene a lame-duck House session to vote on an expanded rescue of the auto industry, the Wall Street Journal reports. “I am confident Congress can consider emergency assistance legislation next week,” the House Speaker said. Both GM and Ford have said they are cash...

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