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Sympathetic Democrats like Charles Schumer of New York suggested that the most realistic solution would be to appropriate just enough money to keep the companies alive until early next year, when a new Congress and Administration can tackle the complicated issue in a more comprehensive fashion. But even if a short-term fix of, say, $15 billion, is approved to keep Detroit going until the end of March, there is still disagreement over many details. Republicans want to take the money from a $25 billion modernization fund set up earlier this year, but environmentalists are adamantly opposed to such...
...fits and finishes. Some top-class products score well with car rater J.D. Power, such as the Cadillac CTS and Ford's new F-150. "What exposes us to failure now is not our product lineup or business plan or our long-term strategy," GM's Wagoner told Congress. "What exposes us to failure now is the global financial crisis...
...wage, and that was cited by Alabama Senator Richard Shelby as a reason to oppose any bailout. And the cost differential on enginemaking between Detroit and the transplants will narrow to a couple of dollars by 2011. "You want to just choke these guys [in Congress] and take them through the 60 plants that I've been through and see what I've seen," says Harbour...
...their first day of testimony before Congress, the chief executives of Ford, General Motors and Chrysler were the picture of humility. Hats in hand, they pleaded for money. "We made mistakes, which we're learning from," GM's Rick Wagoner told the Senate Banking Committee, outlining plans for change that Congress had requested as a precondition for receiving billions of dollars in much needed loans. Ford's Alan Mulally said his company has shifted "in a completely new direction." (See the 50 worst cars of all time...
Unlike the hearings last month, though, when Congress presented a nearly united, hostile front against the Big Three, the fight Thursday was not so much over whether Washington should let them fail; almost all the witnesses and lawmakers agreed that would be like "playing Russian roulette with the economy," as Senate Banking Committee Chairman Chris Dodd put it. But that didn't mean there was anything like a consensus on how to handle the urgent request for a total of $34 billion in bridge loans - $7 billion for Chrysler, $9 billion for Ford and $18 billion for GM. Democrats...