Word: bailouts
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...bipartisan compromise after marathon talks on Thursday, they effectively handed the hot-button issue to the person they believe should have dealt with it in the first place: President George W. Bush. And in a statement on Friday morning, the Administration said it would consider using the bank bailout money already approved by Congress to rescue the auto industry...
...Task Force, should they ever come to the surface,” Ramano wrote. “But one thing is for sure, PILOTs, whether they are better negotiated or not, will remain voluntary and will therefore, never be a reliable rescue when the city needs a bailout...
...crisis continues. We’ve learned by now that the first bailout was not nearly enough; another one will be necessary, and another one—each more politically difficult than the last, as the sense of frantic emergency fades into quiet resignation. Elected officials, burned for supporting action in this year’s elections, have begun to wonder if there is any point to saving General Motors or Chrysler or whether we should just wait until the companies collapse, until their own hands are forced, and another crisis begins...
...That's especially bad news for General Motors, currently begging for a bailout from the U.S. government. China has been a rare success story for GM in recent years, where its Buicks and Chevys have been consistent market leaders. A sharp downturn in China, auto analysts say, will add to GM's woes. While sales of Chevrolet-branded cars have remained robust, sales of Buicks fell 14% so far this year, according to GM. Still, GM remains committed to China, where earlier this month, Kevin Wale, president of GM China, said the company plans to introduce 10 new models...
...keep local champions afloat through the downturn. This week Chery, one of the country's most successful domestic automakers, received a $1.5 billion loan from China's Export Import Bank. Jin Yibo, Chery's spokesman, says that the loan isn't government aid or any sort of bailout, but a "business deal" between Chery and the bank. However the money is characterized, it will be a boost to Chery's operations. Jin says the funds will be used for export-related projects, such as developing new car models for overseas markets...