Word: creditably
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...Retail and Services: Nationwide, retailers experienced flat or declining sales, even as stores introduced bargains and layaway programs for people unwilling or unable to buy on credit. A large chain near New York credited the region's unseasonably cold weather for relatively decent sales of outdoor and winter apparel in November, while the only retailer to report an increase in sales in the Fourth District, which includes Ohio and Kentucky, was a national discount chain. A domestic car dealer in West Virginia told the Fed his average sales have gone from 250 cars per month to just six in November...
...Detroit Three recently presented detailed restructuring plans to Congress - an application for loans and credit lines to tide them over until the economy rebounds. U.S. auto sales were down more than 30% in October - even Toyota wasn't spared. Detroit wants $34 billion to shelter 3 million jobs and $300 billion worth of business. The first time the companies came calling, on Nov. 19 and 20, Congress blew a radiator. "Even though all Americans want this industry to succeed, I cannot support a plan to spend taxpayer money to bail them out" is the way Spencer Bachus, the ranking Republican...
...which is burning $2 billion a month, requested $18 billion in loans and credit lines - $4 billion for December. For that money, it will slash the number of plants it runs, the number of brands it makes and the number of dealers who sell them. It proposed cutting its hourly manufacturing costs in half. CEO Rick Wagoner agreed to work for $1 a year. GM's business is going down fast because consumers are already shying away from a potentially bankrupt company - which is part of GM's argument for immediate funding...
...Ford, which is in much better fiscal shape, asked for a standby credit line of $9 billion. The privately held Chrysler is going to need a $7 billion bridge loan, and it's willing to give equity to the government...
...billion in loans, and GM said it would need $4 billion by the end of this month and upwards of an additional $14 billion next year to survive. All told, the companies have asked the Federal Government for $34 billion (including a $9 billion emergency line of credit Ford requested) - $9 billion more than they said they needed last month. When pressed about what would happen if GM ran out of money between now and the Inauguration on Jan. 20, the Obama aide repeatedly refused to discuss hypothetical events...