Word: detroit
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...reason is that Ford alone among the Detroit Three has enough dry powder to get through what will be a very difficult 2009, when car sales aren't expected to top the 11.8 million units sold this year. (In 2007, 16 million cars and light trucks were sold.) General Motor's Wagoner and Chrysler's Nardelli made it pretty clear that without a government bridge loan - $12 billion in GM's case, $7 or $8 billion for Chrysler - there isn't going to be a 2010 for these companies, at least not without a pit stop in bankruptcy. Chrysler ended...
...Republicans on the committee were highly unimpressed by the performance of the Detroit Three, openly questioning why the government shouldn't let them fail, if that was what was needed to bring costs down, and whether the proposed $25 billion in bridge loans wasn't simply a down payment. But several noted that Ford is at the head of the class. "My sense is that Ford has done a better job," said Senator Bob Corker, who added that "GM is spiraling downward and in serious trouble" and that Chrysler "barely has a heartbeat." He then called on Ron Gettelfinger, president...
...that Ford is "not re-inventing what Mustang is." There's good reason to temper any jarring notions of change - the car has been in production continuously for 45 years and Ford has sold more than 9 million, making it one of the most popular vehicles ever built by Detroit. "We don't need to come up with a space ship and put a horse on it," says Gelardi. "This is the next evolution, a modern evolution." (See pictures of "pimped" trucks...
...from coal-heavy states, remain doubtful about the benefits of mandatory carbon caps, especially with the U.S. drowning economically. One key signal will be the outcome of the battle for leadership of the powerful House Energy and Commerce Committee. The contenders: Representative John Dingell of Michigan, who has defended Detroit from tougher fuel-efficiency standards and stood in the way of action on climate change, and the challenger, Henry Waxman of California, who scores high marks from environmentalists. (See pictures of Barack Obama's victory celebration in Chicago...
...Obama has said lifting up Detroit is one of his top priorities, but even he might have mixed feelings about throwing his weight around before he takes office. In that respect, the stalemate is a bit reminiscent of the economic crisis Franklin D. Roosevelt faced in 1932 as President-elect, says Brookings Institution historian Stephen Hess. While Roosevelt could have done more to step in, he chose to wait to take office and exercise his full power - making a clean break and effectively laying all the blame on the previous Administration of Herbert Hoover. As Jonathan Alter writes...