GM has been given $52.9 billion in TARP/Federal loans and financing arm GMAC has been given $12.5 billion of which approximately 8.6 billion can be considered GM money. If total car sales reach 10.5 million in 2009 and 12.5 million for 2010 and GM has roughly equal market share next year as it did in 2008 then GM will sell roughly 5.06 million over the next two years. Add and divide and you end up with about $12,200.

Rather than point out that this money protects jobs and keeps American industry from faring worse than it already is, we'll just make a list of all NTU's assumptions used to come up with the $12,200 per car figure plus our own analysis of how many of their assumptions are full of crap:

• GM will sell 5.06 million cars in 2009/2010 combined.
  (NTU's numbers on GM sales for 2010 are okay based on a SAAR of 10.5 million, the reality is they'll possibly do worse than the 2.31 million cars and instead do 2.25 million.)
• GMAC will loan no money back to finance a car to anyone who is also a taxpayer
  (They will)
• GM will have the same market share in 2010 it had in 2008
  (Almost certainly not. It'll probably be worse)
• Total vehicle sales will reach 10.5 million in 2009
  (More like 10.7 million as of late October)
• Total vehicle sales will reach 12.5 million in 2010
  (Maybe.)
• GM will not pay the $6.7 billion back
  (GM's already said it plans to start paying back the loans at the end of this year and even GM's not that PR-illiterate. We think.)
• GM will never pay any loan back
  (See above.)
• GMAC will never pay any loan back
  (GMAC has an unfair advantage according to the NTU study itself, therefore we assume it'll remain in business long enough to pay some portion of the loan back.)
• GM will not sell any cars after 2010
  (OK, here's the real silly part of the study. We all know GM will more than likely still sell cars after 2010, even if they're cars we wish they wouldn't sell.)

*assuming everything above.

[NTU via Carscoop]

Photo Credit: Brendan Smialowski/Getty Images

It was little more than half-a-century ago the armies of Rome, Berlin and Tokyo were defeated by Detroit's "Arsenal of Democracy" equipped by American carmakers. Yet to hear it lately from conservatives and leaders in the Republican Party, American automakers are what's wrong with this country, should be boycotted, and go bankrupt.

Senator John McCain told reporters that we should have never bailed out Chrysler and GM and let them go under.

"No, I don't think we ever should have bailed out Chrysler and General Motors," McCain told The Detroit News. "We should have let them go into bankruptcy, emerge and become viable corporations again."

This, of course, while he was out drumming up support for his 2010 Senate run while serving as the grand marshal of a NASCAR event where the very good ol' boys he was drumming up support from were watching Chrysler and GM products race. And, as The Detroit News points out, we did let them go into bankruptcy. We're still waiting to find out whether they'll emerge as stronger companies.

Confusingly, McCain seems to be channeling John Kerry in being for the bailout before he was against it. Now, of course, he's going so far as to refer to it as "Socialism."

And just this weekend RNC Chairman Michael Steele responded to the news of GM going further in debt by pointing out this statement:

"Today's release of General Motors' financial results is further proof that President Obama's economic experiments are wrong for America."

Of course, GM lost $4.2 billion in the third-quarter last year so this is actually an improvement, of sorts. And GM also announced they'd be repaying loans ahead of schedule.

So who do the Republicans like? At last year's Detroit Auto Show we had a conversation with Senator Bob Corker, the Republican who lead the charge against the bailout, and he talked about the Volkswagens he loves. Not a surprise given VW is joining Nissan in building a huge plant in his state.

In fact, there have been a number of foreign car companies moving better-than-minimum-wage assembly plants into states represented by Republican senators, including BMW in South Carolina, Toyota in Texas, Nissan/VW in Tennessee, and Mercedes-Benz and Hyundai in Alabama. Of course, we can't blame the Chrysler-Fiat "Global Strategic Alliance" alliance on the Republican party.

So when the far right goes to Boycott GM they're doing so for the benefit of companies like Volkswagen and Toyota, who have both surpassed GM as the world's largest automaker in the last year.

Ironically, this is the same Republican party upset about the Chinese purchase of Hummer. As Republican Representative Duncan Hunter told the Wall Street Journal: "Any money that is going to China or to Chinese companies is contributing in some way to China's military buildup."

So supporting American car companies is socialism and supporting every other country's investments in production capacity is capitalism and therefore good for America.

But hey, the Germans, Japanese, Chinese and Italians are our friends so who says we need any domestic car production or car companies? Of course, we're probably just paranoid. Maybe the real reason the Republicans hate GM and Chrysler is just that they really like Ford.

Photo Credit: DiggerHistory

Lamm sent out the following letter to Alan Mulally, Maximum Bob Lutz and Jim Press of Ford, GM and Chrysler respectively outlining the plan. We're not sure the $1,000-per-race fee to take the identifying marks off of the LeMons entrants is such a good deal since, historically, they don't last quite so long. On the other hand, offering to buy unsellable inventory at a price of $500 a head might be just the solution American automakers have been looking for lately. We think five Benjamins is more than a fair price for a Sebring.

Hilarious letter, with intro from Lamm, below:

Like the rest of you, we are deeply concerned by Detroit's recent hardships. However, we believe that few experts in government or the private sector have yet asked the critical question: If GM, Ford, and Chrysler fail today, who'll build the $500 crapcans of tomorrow?

Thus, 24 Hours of LeMons is committing itself to assisting America's car industry. Earlier this week, we sent the following offer to Alan Mulally, President and CEO of Ford Motor Company. Similar letters were delivered to Robert A. Lutz (GM) and Jim Press (Chrysler):

2 February 2009

Mr. Alan Mulally, President
FORD MOTOR COMPANY
1 American Road
Dearborn MI 48126

Dear Mr. Mulally:

I am writing to offer you non-sponsorship ("nonsorship") of the 24 Hours of LeMons. These races, which are restricted to cars costing $500 or less, receive extensive media coverage demonstrating poor build quality, dubious reliability, and nonexistent resale value. Vehicles produced by your firm are frequent participants.

To help you avoid a negative impact on your brands, 24 Hours of LeMons is offering to obscure your firm's brand identity on all competing vehicles for $1,000 per race. I'm sure you'll agree LeMons nonsorship promises much greater marketing benefit than traditional motorsport sponsorships, at merely a fraction the cost.

I look forward to your response.

Best regards,

Jay Lamm, Chief Perpetrator
24 HOURS OF LeMONS

PS: LeMons is also prepared to purchase, through the federally backed Capacity Reduction Assistance Program (CRAP), any and all of your firm's new but unpopular vehicles for use in our race series at $500/unit. Such vehicles would of course be included under ongoing nonsorship contracts.

This week has been a monumental week for Chrysler, LLC. First, announcing they’d create a global partnership with Fiat, but that wasn’t the only partnership this week.

They’ve also announced a sponsorship deal with the producers of Terminator: Salvation for an undisclosed amount of cash. For those of you wondering why that’s such a big deal — or if maybe you’ve been living in a cave for the last six months — that cash, the very little they have, is part of the $4 billion taxpayer-funded government bailout package that was handed out this past month.

Chrysler refused to comment on the cost of the deal, but their director of media, Susan Thompson had this to say:

This spring, Terminator 4 comes out and we will be one of the sponsors. We have a following with the Terminator movies and we are going to continue with that."

We’re not sure what kind of a following they have since the last Terminator movie featured Toyota products, but we’ll let them think there's some kind of a connection between the films and Chrysler. I think they may mean the existing relationship they have with the TV show, but forgive Thompson for being confused, we hear the plotline of how the TV show and movies fit together is similarly confusing.

But, we must remember, this isn't the first time Chrysler's paid to play — last we remember, the Fantastic Four "Fantasticar" had a HEMI.

Terminator: Salvation starring Christian Bale, opens in the U.S. on May 22, just two months prior to Chrysler going back to congress to seek an additional $3 billion in taxpayer-funded government loans.

[via Reuters]

$13,400,000,000: The amount of money to be handed out from the Troubled Asset Relief Program in the first installment.

$4,000,000,000: The amount of the second installment of TARP funds, if needed.

$9,000,000,000: The amount of "bridge financing" Ford would like to access from non-governmental sources.

500,000: The number of electric vehicles Chrysler intends to put on the road by 2013.

102: The number of days the companies have to turn around their companies so the loans are not called in.

24: The number of new vehicle releases Chrysler promises through 2012.

0: The number of private jets Chrysler and GM are going to be buying because of a requirement.

Photo by Spencer Platt/Getty Image

Since it seems like half of the punditocracy, Republicans in Congress and every anti-car hippie with a blog seems to be interested, even giddy, at the prospect of a couple of the not-so-Big Three going under, we thought we'd try to put a little perspective on just what that means. It's easy for people to say "Detroit" deserves to fail, but it's not really just Detroit that would fail, it's pretty much the entire Midwest. We've put together a Google Maps overlay of all US manufacturing facilities currently in operation by one of the big three. Peruse at your leisure, then imagine all of those factories across the US empty and silent.

View Larger Map

The biggest factor into how well a cash loan will work with the automakers will be the number of total auto sales in the United States. If an automaker makes the right projections they should be able to figure out how much money they'll need to get them through this downturn. So how did they each do in their projections? Let's take a look and grade them. Here are the sale projections from the three automakers:

Photo Credit: Christopher Furlong / Getty Images News

As recently as September, Chrysler said they had seven-to-nine new models for 2010. For the life of us, we can't figure out what those vehicles are considering the company's stopped development on every single product line. Are they talking about the Chrysler EV electric car family? Because seriously, that's smoke and mirrors. There's nothing new coming out of this company at any time in the next year.

But hey, Chrysler CEO Bob Nardelli also pledged to take a $1 salary and no kind of health or insurance benefits until the crisis is resolved. Well, he's earned it.

Because once you get past the huge $11 billion number and the fact that they're apparently going to be forced out of business in January without it, when you take a look at the automaker's plan, there isn't much in the way of specifics there. On the whole, the plan is less substantial than what GM or Ford are offering. I mean, although we may not agree with the sale projections they make, at least the other automakers are making a guess as to what sales numbers in the United States will look like for the next year. All Chrysler was willing to say was "Chrysler anticipates sales to be even lower than normal due to the economic downturn." What, did Chrysler can its market analysts already?

It's almost as if they're saying "buy us some time until someone else buys us." Actually, I think they may have said that on page three somewhere. Anyway, full highlights from Chrysler below.

Highlights of Chrysler LLC Plan Submitted Today to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services

* Chairman and CEO Robert Nardelli looks forward to testifying before the committees later this week
* Chrysler will urge the immediate adoption of legislation that will allow domestic automakers to weather the current national economic crisis and continue to invest in industry-leading products, technologies and vehicles of the future
* Full plan attached as pdf file

* The first question is, what changes has Chrysler made to help itself? Since Chrysler became an independent company in 2007:
o We eliminated over 1.2 million units of capacity, or 30 percent;
o We reduced fixed costs by $2.4 billion and, separated over 32,000 employees – including 5,000 on the Wednesday before Thanksgiving. And at the same time …
o We invested in product improvements – over half a billion dollars in our first 60 days;
o We improved our latest JD Power quality scores, and reduced our warranty claims by 29 percent;
Part of our business model transformation includes alliances and partnerships – for example – the agreements to produce vehicles for VW and for Nissan. As a result, through the first six months of the year, Chrysler met or exceeded our operating plan, ending the first half with $9.4 billion unrestricted cash.

* Why does Chrysler need the funding? We need to address the unprecedented drop in vehicle sales caused by the financial crisis. U.S. sales are down from a 17 million unit selling rate in early 2007, to an estimated 11 million unit selling rate for the fourth quarter of 2008 – a 38 percent decline. We lost 20 percent of our sales virtually overnight when the financial market crisis forced us out of the consumer lease business. With customers not buying … with dealers not ordering … with our plants not producing … Chrysler’s cash inflow has suffered.
* So how will the bridge loan be used? Cash will support ongoing operations as we continue to restructure the business, including in the first quarter alone:
o $8.0 billion in payments to parts suppliers
o $1.2 billion for other vendors
o $900 million in wages
o $500 million in healthcare and legacy costs
o $500 million in capital expenditures

Without an immediate working capital bridge, Chrysler’s liquidity could fall below the level appropriate to ensure operations in the ordinary course by the first quarter of 2009.

* So, who is contributing to saving Chrysler? First and foremost, Chrysler and its extended enterprise will. That starts with me. I receive a salary of $1 a year. I have no employment contract, no change of control agreement, no “golden parachute,” and receive no health care or life insurance benefits from the company. We are committed to negotiate concessions from all of our constituents.
* The next question - Does Chrysler plan to build cars and trucks that consumers want to buy, and that support the country’s energy security and environmental goals? Our product plan features 24 major launches from 2009 through 2012. For the 2009 model year, 73 percent of our products will offer improved fuel economy compared to 2008 models. We plan on launching additional small, fuel-efficient vehicles. ENVI is our breakthrough family of all-electric … and range - extended electric vehicles – similar to the one parked outside. Chrysler’s product plan includes the introduction of the Ram Hybrid and our first electric-drive vehicle in 2010 with three additional models by 2013.
* Does Chrysler have a viable plan? With our requested bridge loan – absolutely! I also believe that further partnership, restructuring and consolidation would make the U.S. auto industry even more viable and competitive in the long run. Further opportunities for technology sharing would provide fuel-efficient cars and trucks more cost effectively and faster to market. The three-company alliance that developed the dual-mode hybrid is a good example. As a Country, we should not trade our current dependence on foreign oil for a future dependence on foreign technologies.
* The final question is, when will Chrysler pay back this loan? We believe we will be well positioned to begin repayment of the federal loans — in 2012. I recognize that this is a significant amount of public money. However, we believe this is the least costly alternative considering the depth of the economic crisis and the options we face.

[Source: Chrysler]

On the surface, the GM plan seems less ambitious than the Ford plan, though that may just be because GM already has an electric car coming down the pipeline. Their request for $12 billion seems relatively low given their cash situation, but there's a nugget hidden in the release where they mention an additional $6 billion if the market manages to tank even further.

The other big news comes under the "Market and Retail Operations" section of the release which states:

In the U.S., GM will focus its product development and marketing efforts on four core brands – Chevrolet, Cadillac, Buick and GMC. Pontiac will be a specialty brand with reduced product offerings within the Buick-Pontiac-GMC channel. Hummer has recently been put under strategic review, which includes the possible sale of the brand, and GM will immediately undertake a global strategic review of the Saab brand. As part of the plan, the company also will accelerate discussions with the Saturn retailers, consistent with their unique relationship, to explore alternatives for the Saturn brand.

From this we understand Pontiac will either be made the performance brand they were supposed to be all along by nixing duplicate vehilces like the G3, G5 and G6 or made into a less fun crappy brand by axing the G8, G8 ST and Solstice. As for the part about Saturn, we'd be worried if we owned a Saturn dealership right now.

Additionally, GM supports making more green vehilces and a government oversight board that would allow them to restructure (read "deal with union contracts") in a more efficient way. Full release below.

GM Submits Plan for Long-Term Viability to the U.S. Congress

WASHINGTON – General Motors Corp. today submitted a plan to use Federal bridge loans to create a leaner, more competitive company, one that is profitable and self-sustaining for the long term.

The plan, submitted in response to Congressional hearings in November, includes a detailed blueprint for a successful, sustainable General Motors. Building on a product renaissance and comprehensive restructuring that has been under way for several years, the plan calls for:

* Increased production of fuel-efficient vehicles and energy-saving technologies;
* Rationalization of brands, models and retail outlets;
* Reduced wage and benefit costs, including further reductions in executive compensation;
* Significant capital structure restructuring;
* Further consolidation in manufacturing operations.

GM is requesting term loans of up to $12 billion to provide adequate liquidity levels through December 31, 2009. GM anticipates an initial draw of $4 billion in December 2008. In addition to the bridge loans, the company is requesting a $6 billion line of credit to provide liquidity should a severe market downturn persist. GM’s intent is to begin to repay the loans as soon as 2011.

Any draws would be conditioned on achieving specific restructuring requirements in the plan. To help expedite these actions and protect the taxpayers, GM is also seeking the creation of a Federal oversight board to oversee the loans and restructuring plan.

GM is requesting the bridge loans and credit line because of a sharp industry-wide decline in vehicle sales. This decline, due in large part to tight credit and record-low consumer confidence, has led to a corresponding drop in dealer orders that is adversely impacting GM’s first-quarter production schedules, revenue forecasts, and liquidity outlook. Federal assistance would enable GM to weather a credit crisis that has driven U.S. industry sales to their lowest per-capita level in half a century, and help the company emerge fully competitive with all manufacturers operating in the U.S.

The complete GM plan is available online . Following are highlights from the plan.

Product Portfolio and Fuel Efficiency – GM has made significant progress in revamping its product lineup, with new GM cars like the Chevy Malibu, Cadillac CTS, Saturn Aura and Opel/Vauxhall Insignia earning car of the year awards.While remaining a full-line manufacturer, GM will substantially change its product mix over the next four years, and launch predominately high mileage, energy-efficient cars and crossovers.

In addition, the Chevy Volt, which can travel up to 40 miles on electricity alone, is scheduled for production in 2010, and GM is planning other vehicles using Volt’s extended-range electric drivetrain. By 2012, more than half of GM vehicles will be flex-fuel capable, and the company will offer 15 hybrid models. GM will continue development of hydrogen fuel cell technology, which, when commercially deployed, will reduce automotive emissions to just water vapor.

During the 2009-12 plan window, GM will invest approximately $2.9 billion in alternative fuels and advanced propulsion technologies, which offer fuel economy improvements ranging from 12 percent to 120 percent, compared with conventional gas engines. As a result, we expect GM to become a significant creator of green jobs in the United States, as well helping suppliers and dealers transform the U.S. economy.

Market and Retail Operations – In the U.S., GM will focus its product development and marketing efforts on four core brands – Chevrolet, Cadillac, Buick and GMC. Pontiac will be a specialty brand with reduced product offerings within the Buick-Pontiac-GMC channel. Hummer has recently been put under strategic review, which includes the possible sale of the brand, and GM will immediately undertake a global strategic review of the Saab brand. As part of the plan, the company also will accelerate discussions with the Saturn retailers, consistent with their unique relationship, to explore alternatives for the Saturn brand.

Manufacturing and Structural Costs – GM will accelerate its current efforts to reduce manufacturing and structural costs, building on significant progress made over the past several years. GM currently has the most productive assembly plants in 11 of the 20 product segments measured by the Harbour Report, and it is a global leader in workplace safety. With the recently negotiated wage rates, turnover expected in our workforce, planned assembly plant consolidations, further productivity improvements in the plan, and additional changes to be negotiated, GM's wages and benefits for both current workers and new hires will be fully competitive with Toyota by 2012.

Balance Sheet Restructuring – Under the plan, GM would significantly reduce the debt currently carried on its balance sheet. GM plans to engage current lenders, bond holders and its unions to negotiate the needed changes. GM’s plan would preserve the status of existing trade creditors and honor all outstanding warranty obligations to both dealers and consumers, in the U.S. and globally.

Compensation and Dividends – The plan calls for shared sacrifice, including further reduction in the number of executives and total compensation paid to senior leadership. For example, the chairman and CEO will reduce his salary to $1 per year. The plan also requires further changes in existing labor agreements, including job security provisions, paid time-off, and post-retirement health-care obligations. The common stock dividend will remain suspended during the life of the loans.

Temporary Federal Bridge Loans – GM is seeking a term bridge loan facility from the Federal government of $12 billion to cover operating requirements under a baseline forecast of 12 million U.S. industry vehicle sales for 2009. In addition, GM is seeking a revolving credit facility of $6 billion that could be drawn should severe industry conditions continue, resulting in sales of 10.5 million total vehicles in 2009. This bridge loan is expected to be fully repaid by 2012 under the baseline industry assumptions. Also, warrants issued as part of the loans would allow taxpayers to benefit from growth in the company’s share price that might result from successful completion of the plan.

Once GM has completed the restructuring actions laid out in the plan, the company will be able to operate profitably at industry volumes between 12.5 and 13 million vehicles. This is substantially below the 17 million industry levels averaged over the last nine years, so it is considered to be a reasonably conservative assumption for gauging liquidity needs.

Federal Oversight Board – Given the importance and urgency of this restructuring for GM, other domestic manufacturers and the U.S. economy as a whole, the company supports the formation of a Federal oversight board. The board would help facilitate restructuring negotiations with a range of stakeholders.

GM’s Commitment to Success

General Motors and its management are committed to the success of the plan summarized in the Congressional submission. The company’s responsibility to its customers, shareholders, employees, retirees, dealers and suppliers is well recognized, as is its century-long commitment to our nation.

GM has never failed to meet a Congressional mandate in the important areas of fuel efficiency and vehicle emissions. We are among the leaders today in fuel efficiency, and set the industry standard for green manufacturing methods. We are committed to meeting the new fuel economy requirements of the 2007 Energy Independence and Security Act. The company’s role in creating green technology and high-paying jobs of the future will increase substantially as a result of implementing the plan.

GM is proud of its century of contributions to the growth of our nation, and the company looks forward to making an equally meaningful contribution over the next century.

[Source: GM]

It doesn't look like the Democrats, with their current majority in the 110th Congress, actually have the votes. Our source in Congress tells us that they're still trying to get a good sense for where they are which is why they're starting in the Senate first. The leadership is afraid of risking a house failure and causing a market crash a la the $700 bill bailout.

The final piece of the puzzle came yesterday when Detroit-favorite Rep. John Dingell was defeated for the chairmanship of the Energy and Commerce Committee by Environmentalist-favorite Rep. Henry Waxman of California. This is a clear sign that the next Congress wants to take a more environmental tack.

This leaves Congress in a position where they likely don't have the vote to push through a bailout now and, given the behavior of the CEOs, it won't look good to do it right away. Congress will also need some cover after the $700 billion rush-job. On the other hand, most representatives have auto-related jobs in their states and they don't want to see GM fail. Given the liberal bent the next Congress seems to be taking, there seems to be pressure on conservative "blue dog" Dems to get it done before the next Congress starts up next year.

There will be a couple of chances for the Senate to take this up before the break and the not-so-Big Three have an opportunity to come up with a great plan that emphasis cutting costs, corporate reorganization and a better product mix. Or they can come up with a bad plan and see if Congress will swallow it anyways. Either way, we'll likely know before winter break.

[Time, San Jose Mercury News, Photo Mark Wilson/Getty Images]

Jalopnik Snap Judgement: While the initial flavor of this campaign is tacky, it might prove to be a good move after all. GM still has a fairly rabid customer base that hopes to be driving The General's products in the future and this is a way they can secure that dream. Raising customer awareness of current pressing issues while garnering support for near-zero dollars? GM doesn't have that many options left. Anyone who bought a Chevy Equinox when there are, possibly, millions of better cars out there certainly wants to stick by the General.

Here's the email in full:

Dear (name removed),

You made the right choice when you put your confidence in General Motors, and we appreciate your past support. I want to assure you that we are making our best vehicles ever, and we have exciting plans for the future. But we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.

Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.

The U.S. economy is at a crossroads due to the worldwide credit crisis, and all Americans are feeling the effects of the worst economic downturn in 75 years. Despite our successful efforts to restructure, reduce costs and enhance liquidity, U.S. auto sales rely on access to credit, which is all but frozen through traditional channels.

The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:

• One in 10 American jobs depends on U.S. automakers
• Nearly 3 million jobs are at immediate risk
• U.S. personal income could be reduced by $150 billion
• The tax revenue lost over 3 years would be more than $156 billion

Discussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking for your support in this vital effort by contacting your state representatives.

Please take a few minutes to go to www.gmfactsandfiction.com, where we have made it easy for you to contact your U.S. senators and representatives. Just click on the "I'm a Concerned American" link under the "Mobilize Now" section, and enter your name and ZIP code to send a personalized e-mail stating your support for the U.S. automotive industry.

Let me assure you that General Motors has made dramatic improvements over the last 10 years. In fact, we are leading the industry with award-winning vehicles like the Chevrolet Malibu, Cadillac CTS, Buick Enclave, Pontiac G8, GMC Acadia, Chevy Tahoe Hybrid, Saturn AURA and more. We offer 18 models with an EPA estimated 30 MPG highway or better — more than Toyota or Honda. GM has 6 hybrids in market and 3 more by mid-2009. GM has closed the quality gap with the imports, and today we are putting our best quality vehicles on the road.

Please share this information with friends and family using the link on the site.

Thank you for helping keep our economy viable.

Sincerely,

Troy Clarke

Thanks for the tip, Jeff!

Step #1 — Make bed.
Step #2 — Realize bed is really uncomfortable.
Step #3 — Beg suppliers of bed materials to give you more material for free so you can make new bed, even though you have not attended comfortable bed-making classes.

Sure, works for us. For them? Not so much. [Wall Street Journal]

According to the NY Times, the President would consider signing a stimulus package and help out the auto industry if Obama dropped his opposition to a free-trade agreement with Colombia. Maybe.

Mr. Bush indicated at the meeting that he might support some aid and a broader economic stimulus package if Mr. Obama and Congressional Democrats dropped their opposition to a free-trade agreement with Colombia, a measure for which Mr. Bush has long fought, people familiar with the discussion said.

The Bush administration, which has presided over a major intervention in the financial industry, has balked at allowing the automakers to tap into the $700 billion bailout fund, despite warnings last week that General Motors might not survive the year.

Conflicting reports have emerged, something that happens when you have two press corps — one following the President-current and one following the President-elect — but MSNBC is reporting that Bush has been friendlier to an automaker bailout. More information as we get it.

[Source: MSNBC]

2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility. .

Track owners want to be able write off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.

Auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extend 2 years till the end of 2009 and would cost 100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.

[Chicago Tribune; Photo Credit: Funnyhub.com]