Word: detroit
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Ronald Hall: Before I got into academia, I worked in a mental health clinic. Ninety percent of the patients were African-American, because it was in Detroit. Sometimes we would get at their underlying problems. It seemed it would always have something to do with skin color, but they never would want to talk about that. That spurred me to start doing a lot of reading. And the reading informed me about something I already knew about, sort of at a subconscious level. It's an experience with skin color that most African-Americans are aware...
...want to tell you, Detroit, that you done set me up for a comeback.' KWAME KILPATRICK, the city's former mayor, resigning after a sex-and-misconduct scandal...
...Detroit's struggling and battered automakers are mounting an ambitious push this week for up to $50 million worth of federal loans, which are much less expensive than private credit. They are eager to have necessary legislation in place by the time Congress adjourns before the election. As recently as last winter, loan guarantees for carmakers had seemed like a piece of the Motor City's past (President Carter signed off on the Chrysler loan guarantees in 1980). But a combination of the economic slowdown and Presidential campaign politics, as well as the precedent of the federal bailout of Wall...
...interest rates offered for industrial companies with shabby credit ratings have soared over the summer, making the federal option even more crucial. All three of Detroit's carmakers have had their credit ratings downgraded; GM has had to fight off rumors of an impending bankruptcy; and Cerberus, Chrysler's principal owner, has been hammered by a new round of cutbacks. Ellen Hughes Cromwick, Ford's chief economist, said this week that the unfolding credit crunch has a had a palpable impact on the carmakers. "The credit crunch could persist for some time," she said. "That's a situation that adds...
...This was authorized by Congress. There was a consensus this was needed to transform and drive new technology," Bozzella says. Apart from America's Big Three, one third of U.S. automotive suppliers are now in danger of bankruptcy because of production cuts by Detroit according to a recent study...