http://cache.jalopnik.com/assets/base/img/thumbs140x140/jalopnik.com.png http://jalopnik.com/tag/automaker bailout http://jalopnik.com/tag/automaker bailout CNBC's Erin Burnett calls GM "zombie" on Today Show. [CNBC] More »
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A man who took $25,000 cash to a New York-based Zanetti Jeep dealership to purchase a new Wrangler Unlimited was told Chrysler "no longer needs the money" and asked to finance instead. Really? Really. More »
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People say "Detroit" deserves to fail. Maybe, but as you can tell by the map below of every manufacturing facility from the domestic automakers, they'll take pretty much the entire Midwest with 'em. More »
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We're not usually ones for jamming our thumbs into our own eyes. Be that as it may, we're going to start sifting through the full discussion text of the automaker not-a-bailout bill entitled: "To authorize financial assistance to eligible automobile manufacturers, and for other purposes." Sounds thrilling, doesn't it? Read along with us here. More »
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The CEOs of the not-so-Big Three made it to DC for committee hearings beginning today at 10:00 AM. According to Bloomberg's sources, GM and Chrysler execs are considering a pre-arranged bankruptcy (which we've already said is a good thing) as a last-resort of getting a multibillion-dollar government loan. More »
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One of the first questions President-Elect Obama received at a major economic press conference held today related to the auto industry and, after stock comment about the importance of the industry and the responsibility of the government to assure it doesn't vanish, Obama makes the point they can't simply write a "blank check" to an industry so historically "resistant to change." Obama essentially echoes the Congressional Dem's request for a not-awful plan and expresses disappointment with the no-so-Big Three for putting on a bad show in their testimony, which wasn't much better than the SNL sketch mocking it. Sadly, there was no mention of saving the shrinking auto journalism industry. [CNN] More »
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In attempts to tap their customer base for assistance in avoiding this Financiapocalypse, GM has emailed an unknown number of their product owners in an effort to get them to speak out to their local congressman regarding the pending bridge loan. We've intercepted one of these emails and have it posted below the jump. More »
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Barack Obama took time away from talking about his mother-in-law and a college football playoff system to talk about the automaker bailout in an interview on CBS' 60 Minutes. While admitting Detroit needs help, he said it's important to make sure it's conditioned on the stakeholders (labor, suppliers, execs) coming up with a plan for a sustainable domestic auto industry as opposed to just giving out "a bridge loan to nowhere." Oh, yes, he went there. This was taped before the scary GM video, which at the very least we're hoping, convinced him to buy a Save GM t-shirt. More »
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MSNBC is reporting (UPDATED with video) President-current Bush has said he'll consider amending the $25 billion automaker low-interest loan guarantee program to allow the automakers to get the money right now and use it for whatever they need. The decision is being made because many economists say helping US automakers is a big part of preventing the economy from going even further into the hole. This comes a day after would-be Detroit savior President-elect Barack Obama, who has said an automaker bailout is super important, met with President Bush to discuss steps he'd like to see taken, including part two of his three-part economic strategy — help for the auto industry. Why the sudden change from the Bush administration? More »
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Apparently the Department of Energy is really slow when it comes to writing checks, as the Detroit News now reports that Detroit automakers may not get their recently approved loan packages until mid-way through 2010. DOE spokesperson Healy Baumgardner said "there are a number of legal and administrative requirements with which the Department must comply, such as the National Environmental Policy Act, we anticipate it could take at least 6 to 18 months or more, after necessary funds are appropriated." Which, of course, is a bureaucratic way of saying "red tape." Not surprisingly, the news didn't sit well with Michigan lawmakers and representatives from the Detroit Three, who had been laboring under the impression that checks would be cut as early as January 2009. More »
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Time to fire up your Friday afternoon flasks again for the Official Car Pundit Drinking Game as CNBC has asked the boss to gab about the proposed Federal loan guarantees for the big domestic automakers. Tune in to "Street Signs" at 2:20 to watch as he repeatedly corrects the talking heads who will call it a bailout instead of a loan the taxpayers will probably profit from. This one promises to be full of financial industry talking points; We'll need extra intoxication to get through it, so drop some mean rules in the comments today. If you're new to our early afternoon "drinking game" — here's the rules — there are many like them, but these are ours. More »
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After a nasty summer of sliding sales and eroding market share, domestic automakers are planning to lobby the US Congress for $50 billion in low-interest government loans. The companies claim the money would allow them to modernize plants and develop new fuel-efficient vehicles; ordinarily, automakers would have tapped existing lines of credit for the required cash, but rising interest rates combined with debt ratings reduced to junk status have rendered their options severely limited. But, the important thing to note here is that this is NOT a bailout. No sir. More »
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