Word: detroit
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...Just like Detroit, Bank of America (BAC), and Citigroup (C), AIG is playing a game of chicken with Washington that the government does not feel it can afford to lose. Imagine what it would be like if all of these businesses failed at the same time. (Read a TIME story on why the government wouldn't let AIG fail...
Read about the CEOs behind Detroit's Big Three
...photos of Detroit autoworkers
...taken in August, before the financial meltdown. Auto-industry economists say repair growth slowed in the fourth quarter as customers deferred big-ticket maintenance jobs during the worst months of the downturn, and that pent-up demand will lift the numbers in '09.) (See pictures of the remains of Detroit: America's fading Motor City...
...fate of Detroit will probably be determined next month. GM (GM) and Chrysler submit their restructuring plans to the Treasury and Congress. The UAW and creditors have not given enough in terms of concessions so far to make the government comfortable. If the GM plan is approved, 47,000 people lose jobs. If the plan is not, the number could be much larger. A bankruptcy of America's largest car company could not only lead to huge increases in the number of people out of work; it could leave a gaping hole in the confidence people have in the government...