The Department of Transportation just sent out some updated figures on the vehicles being scrapped and purchased under the popular cash for clunkers program, which provides up to $4,500 in cash to drivers who trade their gas guzzlers for more efficient vehicles.
Of the $1 billion allocated under More…
The opposition to the $2 billion extension of the cash for clunkers program that passed the House today is lining up in the Senate, which is expected to take up the measure next week. The latest critic is Sen. John McCain (R-Ariz.), who told More…
On their last day in Washington before leaving on a five-week vacation, House lawmakers on Friday passed a $2 billion extension of the enormously popular “cash for clunkers program. The initial $1 billion, which was expected to take the program through October, was instead exhausted just four days More…
House lawmakers are on the floor as we speak debating a bill to provide $2 billion more to what proved to be a tremendously popular cash for clunkers program. And, while some lawmakers would like to see the conditions of that program changed to encourage the More…
It comes as no surprise that the hedge funds in control of Chrysler’s debt are lashing out at President Obama for fingering them yesterday as the primary reason a Chrysler bailout deal fell through. Indeed, The Washington Post has an eye-opening piece this morning about how those secretive More…
You might have heard that Detroit’s automakers have been struggling recently, and also that the federal government has stepped in with offers to help the dying companies weather the storm if only they’ll revamp their business models and make some concessions regarding employee compensation.
Well, it seems that some industry More…
On a conference call with reporters just moments ago, Sen. Carl Levin (D-Mich.) voiced a cautious optimism over President Obama’s rejection of the automakers’ restructuring plans, saying the administration remains committed to the survival of the domestic automakers. That “absolute commitment,” Levin said, should give “important reassurance” to anyone worried More…
President Obama today made official what had been leaked over the weekend: That the viability plans submitted last month by Chrysler and General Motors don’t go far enough to satisfy the administration, which is asking the ailing automakers for further restructuring as a condition of receiving more bailout funding.
We
Remember when the Bush administration was opposed to tapping the $700 billion Wall Street bailout to help Detroit’s Big Three?
Fugetaboutit.
The Treasury Dept. announced last night that it will spend $6 billion from that fund to bail out GMAC, the flailing auto finance company whose reluctance to lend More…
More bad news for Detroit: Toyota announced yesterday that it expects to lose $1.7 billion for the fiscal year ending March 31 — the first annual loss for the company in 70 years. From The New York Times:
Analysts said Toyota’s downward revision, its second in two months, showed
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