Word: bailouts
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...Detroit institutions in return for rich infusions of government aid. The first infusion came on December 19th when President Bush announced that Chrysler, along with GM, would receive $13.4 billion of emergency loans from the Troubled Asset Relief Program (TARP) after Congress had refused to pass a separate bailout bill. On Christmas Eve Cerberus got another last-minute gift when the Federal Reserve Board voted to permit GMAC to change its status to a bank holding company. (GM still owns 49% of GMAC). (See pictures of the remains of Detroit...
...labor costs can be brought down to parity with the foreign transplants, and without the restructuring of Chrysler's debt, the company cannot be restored to long-term health and the government loan will be unlikely to be fully repaid. (Read about GM's, Ford's and Chrysler's bailout plans...
...When Southern politicians like Alabama Senator Richard Shelby blocked a $15 billion congressional bailout for Chrysler and GM, they gave their constituents something just as valuable as pork: some regional self-esteem, if not outright revenge. The Big Three automakers, Shelby insisted last week, "have basically failed" because of their bloated, rigid and outdated manufacturing methods, while the South's lower costs and more flexible management schemes are the new exemplar...
...companies. To make the point, a retired GM engineer this month set up a website called boycottalabamanow.com. But southerners ask who the hypocrites really are. "When the textile industry went down in the South and we were accused of being behind the times, we didn't ask for a bailout - we just had to reinvent ourselves," says John Jeter, a South Carolina author whose family owns a small chain of auto parts stores and whose new novel, The Plunder Room, examines the modern southern character. "So southerners feel it takes some audacity for northern businessmen who make millions to come...
What Recession? For some serious luxury just an hour and a half from Minneapolis, or six hours from Chicago, there's Canoe Bay, a Relais & Chateaux resort located on 280 wooded acres. The "Personal Bailout" package includes two nights in a deluxe cottage, a lodging upgrade and dinner for two at the hotel's restaurant over looking Lake Wahdoon, for $830 for two per night. Upgrade to the "Personal Stimulus" package, which costs $200 more per couple, and you get two 60-minute massages and free breakfast. Through April 30, 2009. Chetek...