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The Clint Eastwood Super Bowl Ad was a pep talk for Detroit and a threat to those people who don't think automakers like Chrysler are capable of making a comeback. People like Clint Eastwood, who voiced his opposition to the auto bailout in very clear terms just a few months ago. More »
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A few things you didn't know about Vice President Joe Biden and cars: His dad had GM and Chrysler dealerships (while he, as a U.S. citizen, owns parts of GM and Chrysler). He once borrowed a Chrysler 300D for his prom, and the Secret Service won't let him drive his 1967 Corvette. More »
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Earlier this week, an automotive blogger took to the pages of the New York Times to argue that the Detroit bailout didn't work. Why can't the New York Times op-ed page find writers who know anything about the auto industry? More »
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In the depths of the financial collapse, the U.S. Federal Reserve pumped $3.3 trillion into keeping credit moving through the economy. It eventually lent $57.9 billion to the auto industry — including $26.8 billion to Ford, Toyota and BMW. More »
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Standing in the Kokomo, Indiana Chrysler plant, President Obama said the lesson of 2009's auto industry bailout is not to bet against Americans, who are experts at turning billions of dollars of loans into a modest profit. Full advice below. More »
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Brett and Kate McKay from The Art of Manliness assembled this concise guide to safely jumping out of a moving car. Personally, we prefer to go down with the ship, Titanic-style, but this is good stuff to know. —Ed. More »
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A study by the obviously pro-government National Taxpayers Union claims each new GM vehicle costs the average taxpayer $12,200. Their bizarre assumptions and our analysis below. More »
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A German company is battling with a Japanese one to become the world's biggest automaker. Italians own Chrysler. It's like World War II except we're losing. So why are Republicans suddenly on the side of the automotive Axis powers? More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=5405935&view=rss&microfeed=true Winding Road now asking for a reader-assisted bailout of $4.99 per 12 PDF issues. [WindingRoad] More »
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Jay Lamm, founder of the $500-per-car-max 24 Hours Of Lemons, has extended his own bailout plan to American automaker CEOs. Will they take him up on his offer? More »
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Thank you Chrysler for taking taxpayer money and applying it where it is truly useful: Movies. Chrysler plans to bombard us with product placement (please, not the Sebring) in the upcoming Terminator: Salvation. More »
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Both GM and Chrysler hit the federal jackpot this morning, avoiding the wrath of the Carpocalypse for a little longer. We break down the numbers below the jump. 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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After scrutinizing not-so-Big Three CEO's testimony before the Senate yesterday to see who would and would not utter the dreaded "b-word" we noticed a pattern. Everyone was willing to publicly acknowledge the possibility except the chairmen of Ford, Chrysler and GM. If you don't say it, it can't happen right? hat tip to Shannon Donnelly! More »
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We spent the night reading the the not-so-Big Three's business plans presented yesterday to Congress and after we graded them below, we've one huge question. Given the Carpocalypse, what's with the overwhelmingly optimistic sales projections for the next three years? More »
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Chrysler was the last of the not-so-Big Three to reveal their plan for long-term viability with an ask of $11 billion to sustain operations into the new year. But for what? More »
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GM's response to the congressional ultimatum, just released, outlines a need for $12 billion in loans, plus potentially $6 billion later, and plans to reach profitability by pursuing "alternatives" to the Saturn brand and making Pontiac even less desirable. 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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After some members of Congress excoriated the leaders of the not-so-Big Three for wasting money and not planning for their future, leadership from the Senate and House said they wouldn't give the automakers billions of dollars until they came up with a plan for not wasting money and setting up their own future. Welcome to Carpocalypse Now! It was basically the best solution that the lame duck Congress could come up with given that Turkey Day is around the corner and, like the UAW, Congress loves to take vacations. But why put it off? What's really happening? More »
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New York Congressman Gary Ackerman feasts upon a buffet of "delicious irony" as he asks the CEOs from the Not-So-Big Three to perhaps save some cash and fuel by using a single jet together rather than individual private jets from Detroit to D.C. to beg for bailout dollars from the Feds. We even hear Reagan National's got a diamond-festooned runway set up just for jetpoolers. [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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Smelling the sweet scent of taxpayer blood in the water, nearly one hundred automotive suppliers have signed a petition seeking access to the $3.5 trillion $700 billion granted under the Troubled Asset Relief Program (yes they're covering the problem with a TARP) the US government handed over to the financial industry with little or not regulation or oversight. This of course is far easier than standing up to ridiculous pricing demands from buyers at the not-so-Big Three and fighting against constant design changes that drive prices through the roof. Simplified, this breaks down to three steps. 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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One of the so-called "sweeteners" added to the financial markets bailout bill that passed the Senate Tuesday night was an obscure provision allowing motorsports race track owners to write off the cost of their facilities over seven years. Apparently the IRS has been trying to extend the track write-off period to 15 years — which means track owners would be able to deduct less every year — but thanks to the Wall Street Bailout, superspeedway owners barely able to scrape by with obscure NASCAR and IndyCar races will finally get the tax breaks they deserve. Cost to taxpayers? $100 million. Provision and analysis courtesy of The Chicago Tribune after the jump. More »
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