Auto Industry Bailout Update: $15 Billion Edition
The biggest news about a potential auto industry bailout is the fact that there is potential for a bailout. Congressional leaders, the Bush Administration and others are working on a plan that would put $15 billion towards keeping GM and Chrysler afloat until President-elect Obama takes office. More details should emerge in the next two days.
- Churches in Detroit pray for a bailout…with SUVs on the pulpit.
- Jay Leno and the founder of Tesla Motors say the Detroit Three should be bailed out.
- The failure of GM and Chrysler could push NASCAR to the brink, experts say. Many sponsors have been pulling out of the circuit this past year, but losing half of the manufacturers involved could be lethal. NASCAR made $3 billion in 2007.
- Chrysler has retained a law firm that specializes in bankruptcy. We guess they do have a backup plan.
- Jon Stewart of the Daily Show sums things up with his unique point of view in this video clip.
- The AP schools us with a little “Meltdown 101” about what could happen if the domestic automakers file for bankruptcy in terms of honoring warranties and drastic fall of resale values.
