If the automakers and the banks have to give up their corporate jets in return for taxpayer funded bailouts, why does Nancy Pelosi still get to fly home every weekend in a G5 at taxpayer expense?
Since the bailout hearings began, GM has claimed that Chapter 11 was not an option and that they had no Plan B. If they don’t file for Chapter 7 today, the whole process was nothing but a high stakes game of chicken.
Negotiators in the House and Senate worked through the weekend to cobble together a temporary bailout plan that would tide the embattled Detroit automakers over until they are able to secure a more generous deal under the Obama administration. The plan would provide $15 billion in loans to keep the companies afloat through March. It [...]
The heads of the Big 3 automakers are heading back to Washington this week for another round of congressional hearings on a proposed bailout package. There is little question that the Democrats in the House and Senate will eventually pass a relief package, but what remains in doubt is where the money will come from. [...]
In an effort to gain support for a $25 Billion federal bailout, Detroit automakers are engaging in a shameless disinformation campaign designed to create a wave of panic regarding the economic fallout from their potential collapse. While there is no question that the failure of the Big Three would have a significant detrimental impact in [...]
In 1979, the federal government provided $1.2 billion in loan guarantees to help the ailing Chrysler Corporation fend off bankruptcy. The company was teetering on the brink of failure because it produced poorly designed and poorly built vehicles that consumers rejected in favor of Japanese and European brands. They were failing because they were unable [...]