Word: auto
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Fortunately, our leaders solved those problems long ago, by boldly appointing czars to clean them up. So naturally, now faced with the near death of the U.S. auto industry, the government's impulse was to crown a car czar. (See the 50 worst cars of all time...
...billion loan for French carmakers Renault and PSA Peugeot Citroen last week, the French President suggested the aid should be conditional on them packing up their plants elsewhere in the E.U. and returning all production to their homeland. "If we are to give financial assistance to the auto industry, we don't want to see another factory being moved to the Czech Republic," he said, referring to Peugeot Citroen's seven-year old Czech plant. (See pictures of Sarkozy...
...Auto manufacturing is Europe's biggest industry, employing some 2.2 million people directly, while another 10 million are indirectly involved through a long supply chain. Car manufacturers' association ACEA says passenger sales in Europe fell 7.8% in 2008 and are expected to drop a further 15%. (January's figures are already down by 27% on a year ago). ACEA has called for an additional $51 billion in soft loans to help the industry invest in the cleaner cars needed to hit E.U. climate change goals, and to hold onto highly skilled workers. (See pictures...
...quickest way to help the auto industry would be to make sure that no one in the U.S. defaults on a car loan. Certainly the government could make sure that people who are employed and do not have a history of being deadbeats get a portion of their car loans paid. When cars are repossessed and go onto the market to be sold as "used," that drives down the entire market for similar vehicles. A surfeit of well-maintained cars available at prices well below new ones undermines the ability of Detroit to get its sales back up without having...
PORTUGAL A $1.2 billion stimulus package was approved for the auto industry, including loans for car and parts exporters...