Gettelfinger tells Senate of UAW sacrifices queryvar=”gettelfinger,tells,senate,of,uaw,sacrifices”; David Barkholz Automotive News November 18, 2008 – 5:15 pm ET UAW President Ron Gettelfinger told a Senate hearing today on an automaker rescue package that the union has made many sacrifices since 2005 to boost the competitiveness of the Detroit 3. He said the union supports [...]
Off with their heads! (But whose?) queryvar=”off,with,their,heads!,(but,whose?)”; Lindsay Chappell Automotive News November 18, 2008 – 3:12 pm ET If Congress demands new management in exchange for financial aid to the Detroit 3, legislators may have a tough time figuring out which executives must be replaced. Two of the Detroit 3 already are steered by [...]
Auto aid may hinge on additional conditions, Senate leader says Most Republicans oppose industry help queryvar=”auto,aid,may,hinge,on,additional,conditions,senate,leader,says”; Harry Stoffer and David Barkholz Automotive News November 18, 2008 – 5:21 pm ET UPDATED: 11/18/08 9:03 p.m. EST WASHINGTON — Senate proponents of $25 billion in emergency loans for automakers don’t have the votes to pass the [...]
Paulson, Democrats Clash on Bailout for Homeowners (Update2) By Rebecca Christie and Alison Vekshin Nov. 18 (Bloomberg) — Treasury Secretary Henry Paulson rejected using the government’s financial-rescue program as a “panacea” for economic difficulties, clashing with lawmakers who want the funds to help beleaguered homeowners. “The rescue package was not intended to be [...]
Carmaker Failure Would Be Catastrophe, Wagoner Says (Update4) By John Hughes Nov. 18 (Bloomberg) — The U.S. economy would suffer a “catastrophic collapse” if domestic carmakers fail, General Motors Corp. Chief Executive Rick Wagoner said, as the nation’s auto industry renewed appeals to Congress for federal aid. Three million jobs would be lost [...]
Tuesday, November 18, 2008 Gettelfinger: No wage or benefits cuts David Shepardson / Detroit News Washington Bureau WASHINGTON — United Auto Workers President Ron Gettelfinger will tell a Senate panel today that Detroit’s Big Three automakers face liquidation if forced into bankruptcy and warned that taxpayers would have to pay at least $3 billion a [...]
Auto companies would get swift aid under Senate bill queryvar=”auto,companies,would,get,swift,aid,under,senate,bill”; Harry Stoffer Automotive News November 18, 2008 – 12:01 am ET UPDATED: 11/18/08 10:11 a.m. EST WASHINGTON — Auto companies would be able to receive emergency aid within a month under a Senate proposal for a $25 billion loan package that circulated here late [...]
Tuesday, November 18, 2008 Commentary: Negotiate a new car deal Douglas Olin One of the first real challenges President-elect Barack Obama faces will be what to do about the ailing American auto giants. The stakes are high. For more than 100 years, the Big Three automakers have been a cornerstone of the U.S. economy and [...]
Tuesday, November 18, 2008 Commentary: Create financial bridge for automakers Jeffrey D. Sachs A government-supported restructuring of the auto industry is urgently needed for our economic and energy security. If the Bush administration allows the auto industry to collapse, it will compound the panic that started with the bankruptcy of Lehman Brothers. Washington should seize [...]
Tuesday, November 18, 2008 Ron Gettelfinger Commentary: Keep Main Street’s job engine running It’s time to stand up for the Main Street economy. In the face of a global credit crisis and a worldwide economic downturn, U.S. auto sales have slowed to a crawl. As insecurity spreads throughout the economy, consumers are delaying major purchases [...]
Tuesday, November 18, 2008 Editorial: Big 3′s critics have got the facts wrong The Detroit News Ignorance and misinformation are the greatest obstacles facing automakers this week as they try to convince Congress that financial assistance from the government is essential to saving the industry. Few in Washington have their facts right when it comes [...]
Tuesday, November 18, 2008 Blitz starts for Big 3 aid as Reid introduces bill to tap into $700B bailout Senate debate starts; use of $700B bailout hits opposition; House plan also differs on loan oversight David Shepardson / Detroit News Washington Bureau WASHINGTON — House and Senate Democrats unveiled competing bills Monday that would give [...]
Tuesday, November 18, 2008 Daniel Howes: Commentary Political titans clash in auto loan war Detroit’s bailout battle in Washington, shifting this week into high gear, is about more than the survival of three automakers. It’s a multifront war between warring factions in Congress, titanic political egos, union versus nonunion companies and competitive business models within [...]
