Word: auto
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Dates: during 2000-2009
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...also given more than $3 billion to the Japanese automaker Nissan, which has promised to spend the cash in the U.S., mostly in Tennessee, which is in the grip of its own auto recession...
...Henrik Fisker, founder and chief executive of the company bearing his name. "It proves we can drive environmentally responsible cars without sacrificing the emotional things that made us fall in love with cars in the first place." Fisker, the former design director for Aston Martin, has been in the auto industry for decades. (See the most important cars of all time...
...both vehicles, however, some competitors and observers object to the government assistance. These cars will compete for a relatively small pool of buyers, who can afford expensive, sporty cars, says an official with a foreign carmaker. "It's all about boys and their toys," adds Joseph Phillippi, an independent auto analyst from Short Hills, N.J. "They should have written their own checks instead of going to the government...
...state, while Fisker has more than 200 engineers, 150 of them from suppliers, working at its engineering center in suburban Detroit. The Michigan connection was helpful when Fisker applied for the DOE loans earlier this year. As Gary Peters, the Michigan Democrat, said of Fisker's loan: "Propelling our auto industry into the 21st century is one key to Michigan's economic recovery...
...world's assembly lines is a normal part of any recession. As demand shrinks, so must production. But now that the recession is easing, there is considerable debate among economists about whether manufacturers will be rehiring workers and restarting assembly lines anytime soon. Despite aggressive downsizing by industries like auto manufacturing over the past 18 months, there are fears that the world remains stuck with so much excess production capacity that any recovery will be anemic, plagued by deflationary pressures, high unemployment and ailing bank-loan portfolios. "Unless we deal with the excess capacity situation, we will have a protracted...