Word: auto
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...much the same way, Japanese firms face a global imperative. They must expand overseas to maintain growth. There simply aren't enough Japanese to buy their products back home. With domestic car sales slowing, Honda, for instance, just opened a second plant in Thailand so Japan's second largest auto company can double its annual production capacity in the Southeast Asian nation to 240,000 cars. Japanese pharmaceutical firms have also bought up American and Indian rivals. Overall, in the first 10 months of this year, foreign acquisitions by Japanese firms soared nearly fourfold to around $67 billion, according...
That was why, when the CEOs of the Detroit Three auto companies showed up on Capitol Hill in mid-November to beg for $25 billion in emergency loans, the committees they went to were Senate Banking and House Financial Services--which have jurisdiction over the financial-bailout...
...first two are good reasons for Congress to take the carmakers' pleas seriously--a shutdown of GM is not what anybody wants now. The third argument is more problematic. Yes, GM and the other automakers have cut costs sharply, especially since 2005, and the United Auto Workers union has made historic concessions. But GM could accomplish even more along those lines, plus reduce the big debts it has incurred trying to settle pension and retiree health-care obligations, under Chapter 11 protection...
Barack Obama may or may not save the auto industry or the banking system. But he's already a one-man stimulus package for the media (present publication included). Magazines with his face on the cover fly off shelves by the millions. Publishers hawk instant dvds and books. An MSNBC ad invites viewers to "experience the power of change." For one glorious day, Nov. 5, Americans actually wanted to buy a newspaper...
Conventional economic wisdom holds that the free market alone should determine which companies and industries succeed and fail. A company’s decisions, whether they are wise or poor, are its own to make, and it should have to face consequences of those decisions. The American auto industry giants—namely, General Motors, Ford, and Chrysler—have made a number of poor, if not self-destructive, choices in the past decade, culminating in their current liquidity crisis. While a healthy economy would survive the bankruptcy of a Big Three auto giant, any such failure could plunge...