Detroit

Stories 481 - 500 | << Prev   Next >>

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

(Newser) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better...

Auto Bailout Has Detractors Back in Michigan, Too

Some don't feel sorry for 'high-on-the-hog' Detroit giants

(Newser) - The auto industry has driven Michigan’s economy since Henry Ford set up shop, but not all residents are sympathetic to Detroit’s plight, the New York Times reports. Unemployment runs high, and some wonder where the rescue was when their livelihoods were on the line. “The car companies...

In DC Corral, the Big 3 Dare Congress to Shoot
In DC Corral, the Big 3
Dare Congress to Shoot
OPINION

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

(Newser) - The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but...

Saving Detroit: It's Now or Never
 Saving Detroit: 
 It's Now or Never 
OPINION

Saving Detroit: It's Now or Never

Auto industry in danger of going under while lawmakers haggle over lifeline

(Newser) - If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press. The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they...

Automakers Raise Request to $34B

(Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up...

GM Shrinks Fleet of Corporate Jets
GM Shrinks
Fleet of Corporate Jets

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,...

UAW Eyes Give-Backs to Help Big 3 Bailout

Union ready to make concessions to secure industry loan

(Newser) - The United Auto Workers appears to be easing off its “no more cuts” stance. The union is negotiating a swath of concessions it hopes will convince Congress to loan money to the Big Three, starting with the elimination of its controversial jobs bank, the Detroit Free Press reports. The...

Bailout Wait 'Nerve-Wracking'
 Bailout Wait 'Nerve-Wracking' 

Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner

(Newser) - Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to...

Hey, Mitt, Your Naked Opportunism Is Showing
Hey, Mitt, Your Naked Opportunism Is Showing

OPINION

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent...

Big Three Worse Than Somali Pirates
 Big Three Worse 
 Than Somali Pirates 
OPINION

Big Three Worse Than Somali Pirates

Extortion done right in Detroit

(Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the...

Detroit's Pain Could Be South's Gain

The South is home to eight foreign auto plants and more are on the way

(Newser) - Is Greer, SC, the new Motor City? With execs from the Big Three getting a frosty reception to their efforts to wrest $25 billion from the federal government to stay solvent, the home of BMW’s North American operations—as well as other Southern communities that are home to foreign...

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was...

Romney: Let Detroit Go Bust
 Romney: Let Detroit Go Bust 
OPINION

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a...

Detroit's Big 3 Plead Their Case in Washington

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would...

Debunking 6 Myths About Detroit Carmakers
Debunking 6 Myths About Detroit Carmakers
ANALYSIS

Debunking 6 Myths About Detroit Carmakers

Clamor over bailout obscures some truths about Big Three

(Newser) - Misconceptions and half-truths abound in the discussion over giving Detroit’s big three carmakers a chunk of federal bailout cash. Mark Phelan, in the Free Press, clears up six myths:
  1. Nobody buys GM, Ford or Chrysler anymore.
  • Fact: The three combined sold 8.5 million vehicles domestically last year—GM
...

Foreign Automakers Could Fill Detroit Vacuum

But gov't risks big job losses if Big Three fail

(Newser) - If Detroit’s “Big Three” do collapse, foreign-owned automakers would be able to pick up the slack, industry experts tell the New York Times. These foreign giants have a big enough US presence to swiftly take over the industry and its supplier network, but the transition would likely be...

Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

(Newser) - Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money....

The Big Debate: Bailout or Bankruptcy?
 The Big Debate: 
 Bailout or Bankruptcy?
Analysis

The Big Debate: Bailout or Bankruptcy?

Should the government pay for GM's surgery

(Newser) - The water is coming in fast at General Motors, and Washington is readying its bailing buckets. But simply giving GM money won’t keep America’s biggest automaker afloat. GM needs massive restructuring, and many believe bankruptcy court is the place to do it, says the New York Times, reviewing...

Bailout? Detroit Needs a Brain
 Bailout? Detroit 
 Needs a Brain 
OPINION

Bailout? Detroit Needs a Brain

US auto industry needs to re-learn how to innovate; Mich. lawmakers not immune, either

(Newser) - The appalling prospect of a $25 billion bailout for Detroit automakers—“ an industry that became brain dead”—has Thomas Friedman, writing in the New York Times, outraged. He blasts “a very un-innovative business culture, visionless management, and overly generous labor contracts” for the mess, and heaps blame...

Detroit Needs Green Deal or No Deal
 Detroit Needs 
 Green Deal 
 or No Deal 
OPINION

Detroit Needs Green Deal or No Deal

If we bail out the auto companies, let's do it on our terms

(Newser) - If we’re going to bail out the auto industry, writes Joseph Romm in Salon, let’s do it right. Detroit’s Big Three have spent years fighting tooth and nail against the very innovations that could save them: higher fuel efficiency and hybrid-electric cars. Detroit has “been suicidally...

Stories 481 - 500 | << Prev   Next >>