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Last week General Motors also announced deep cuts in production. The company will close all of its passenger-car plants for the month of January and reduce the company's production of new cars and trucks 30% during the first quarter. Chrysler and GM have asked the U.S. government for...

Author: /time Magazine | Title: In the Nick of Time: Bush Announces Auto Bailout | 12/19/2008 | See Source »

Automakers waited all week for news of the expected bridge loan, which finally came on Friday. "The longer we wait, the worse the situation becomes," said one auto executive close to the situation. The Wall Street Journal reported that GM and Chrysler restarted merger talks, but both companies have flatly...

Author: /time Magazine | Title: In the Nick of Time: Bush Announces Auto Bailout | 12/19/2008 | See Source »

Ford has asked the government for access to a line of credit of up to $9 billion in bridge financing, but reiterated that it hopes to complete its transformation without accessing these funds.

Author: /time Magazine | Title: The Reaction in Detroit: A Sigh of Relief | 12/19/2008 | See Source »

Students at Columbia, which once bred more officers a year than the U.S. Naval Academy, even went so far as to conduct a poll at all four of the university's undergraduate colleges on whether to bring back the military officer training program that was booted from campus in 1969...

Author: /time Magazine | Title: Why the Ivy League Is Rethinking ROTC | 12/18/2008 | See Source »

The UAW, however, would agree to meet wage parity only by 2011, when their existing contracts expire, a recognition that reopening them before then would clear the way for difficult and unpredictable votes. "Evidently, the only thing that matters to the majority on the other side of the aisle is...

Author: /time Magazine | Title: After Auto-Bailout Blowup, Will Bush Take the Wheel? | 12/12/2008 | See Source »

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