December 19, 2008 - Happy holidays, auto industry! Today President Bush announced that the federal government will be making loans to troubled car giants General Motors and Chrysler, in the hopes of keeping them afloat. Bush said that he made the decision to put the burden on taxpayers due to the recession, but that...
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December 19, 2008 - GM CEO Rick Waggoner shows off the genial chemistry he shares with COO Fritz Henderson and CFO Ray Young...
December 14, 2008 - The final nail isn't in the coffin yet for the American auto industry, but with the Senate's rejection of the bailout, the grave has definitely been dug. GM and Chrysler could possibly survive if the Bush administration extends...
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December 12, 2008 - At a closed-door GOP lunch on Wednesday, Dick Cheney tried to convince Southern Senate Republicans to pass the White House auto bailout bill. If they didn't, he warned, "it's Herbert Hoover time." The Senate rejected the bill, which was backed by the Bush administration and House Democrats...
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December 12, 2008 - The Senate's rejection of the auto industry bailout is obviously a very bad day for the Big 3. GM and Chrysler are on the precipice of total ruin, and unless the Bush administration comes to the rescue they might n...
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December 12, 2008 - The New York Times recently debunked the right-wing fantasy that Detroit auto workers make $73 per hour. Much of that sum is derived not from a worker's s...
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December 12, 2008 - The auto bailout: so many twists and turns (car metaphor alert!). First there was going to be an auto bailout. Then there wasn't. And now it maybe be back on if President Bush himself wants to use the $700 billion from the first bailout. But what about us? Who...
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December 8, 2008 - Congress is considering creating the post of a "car czar" to oversee the bailout of the Big 3. There has never been such a position in the history of the United States, although for the record, we prefer the old-fashioned "tsar" spelling. So far no names have been circulated...
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December 8, 2008 - Being from the south I have had a lifetime of experience with cute southern idioms. After listening to a bunch of self-serving congressmen make the CEO's from Detroit grovel for their handouts one came to my mind. Even a blind squirrel finds an acorn once in awhile.
Not...
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December 4, 2008 - The CEOs of General Motors, Ford, and Chrysler are trying some public relations moves. They're saying that if Congress bails them out with billions, they will only take a dollar a year in salary. It's part of the "we all have to make sacrifices" approach. I guess they...
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December 4, 2008 - The Top Brass at the Big 3 (Or "The Oily Trinity") has said that they will reduce their salaries to $1 dollar a year to show that they really mean business when it comes to a bailout.
They have also made some new promises:
We will build a car that...
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December 4, 2008 - CEOs of the Big Three automakers testified before Congress today, after making a ten hour roadtrip from Detroit in company brand vehicles. This morning, MSNBC aired footage...
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December 4, 2008 - Executives from the Big 3 automakers returned to Washington today to once again plead their case before Congress and beg for upwards of $34 billion to help them stay in business. Among their promises were pledges to refinance debt and cut executive pay. But some lawmakers remained skeptical of a...
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