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And the foreign automakers based in the South, who account for almost a third of all cars built in the U.S., have now become the benchmark against which the Big Three are measured. As the various aid packages were being negotiated, first on Capitol Hill and then this week on...

Author: /time Magazine | Title: Detroit's Fall Gives Power to Rival Dixie | 12/22/2008 | See Source »

Take, for example, the 1999 collapse of South Korea's gargantuan Daewoo Group in the wake of the Asian financial crisis. The end of Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That...

Author: /time Magazine | Title: Why Detroit Is Not Too Big to Fail | 12/19/2008 | See Source »

Steve Dowling, an Apple spokesman, deflected any questions about Jobs' health. When asked if Jobs canceled because of illness, Dowling said, "Phil is giving the keynote because this is Apple's last year in the show, and it doesn't make sense for us to make a major investment in...

Author: /time Magazine | Title: Why Is Steve Jobs Skipping MacWorld? | 12/16/2008 | See Source »

That figure will likely be ratcheted down given that the Detroit Three are now expecting a possible loan from the TARP funds, but critics warn even if Ottawa steps up with billions of dollars in aid, it won't be able to secure any job guarantees. "The real action is...

Author: /time Magazine | Title: Canada Faces Recession — and a Political Crisis Too | 12/15/2008 | See Source »

HOSPITALIZED After suffering a heart attack on Dec. 5, 1950s pinup sensation Bettie Page, 85, remained in critical condition, according to her agent. Page had been in the hospital coping with pneumonia and was set to go home shortly before the attack.

Author: /time Magazine | Title: Milestones | 12/11/2008 | See Source »

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