Word: bailouts
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...introduce a new car or Jeep model every six months from now through 1985, thereby offering customers twice the variety that the Big Three automakers have traditionally provided. For the present at least, the firm that might more accurately be called Franco-American Motors has been saved by le bailout...
...Washington is willing to prop up Chrysler, will Paris help salvage American Motors? Apparently so. Last week AMC and France's state-owned Régie Nationale des Usines Renault, Europe's fourth largest car company, unveiled a labyrinthine financial deal that amounts to a Big Money bailout of the weakest and smallest of the major U.S. automakers. The survival scheme, which the firms have been negotiating since July, would inject $500 million in cash into AMC. Also, the deal could wind up providing Renault, which already holds 5% of AMC's stock as a result...
...GOVERNMENT'S ROLE IN THE ECONOMY. Greenspan: The President's Economic Revitalization Board is a bad mistake. At the White House door will appear not progressive new industries, but companies on the verge of bankruptcy. In our political system this board can be nothing other than a bailout operation. Carter's plan would gradually increase Government control of the economy...
...biggest stimulus for Detroit, oddly enough, may come from a little-known rider attached to the Chrysler financial bailout bill passed by Congress last December. The measure, sponsored by Idaho Republican Senator James A. McClure, allows carmakers to include electrics in meeting their federally mandated 1985 corporate average fuel-efficiency rating of 27.5 rn.p.g. Since the electrics use no gasoline, Detroit, to the extent its output includes EVs, will be able to turn out larger, less efficient-and thus more profitable-gasoline-powered cars. That was a clever political end run, yet no one is complaining. Says Paul Brown...
...Hunts but at Chairman Volcker. What was the man who was supposedly stopping speculation doing in a rescue operation to save the Hunts? Rhode Island Congressman Fernand St Germain complained that the Federal Reserve's role in the wings of the Hunts' search for bailout loans showed that when big speculators lose millions, "telephone calls come to Paul Volcker for a quick fix." This week St Germain and Senator William Proxmire plan to introduce new tough legislation that will change the rules for silver trading, which St Germain calls "the high-flying game of financial monopoly...