Word: detroiters
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...option for survival being tried by some publications, such as the Christian Science Monitor and the Detroit Free Press, is to eliminate or drastically cut their print editions and focus on their free websites. Others may try to ride out the long winter, hope that their competitors die and pray that they will grab a large enough share of advertising to make a profitable go of it as free sites. That's fine. We need a variety of competing strategies...
...proposals to use a fund set up in early 2008 to modernize the industry rather than TARP money - a move Pelosi vehemently opposed. Pelosi was forced to swallow a compromise, though that deal died in the Senate and ultimately President Bush used money from the bank bailout to help Detroit. (See pictures of the remains of Detroit...
According to The Detroit Free Press, some analysts expect another 21% decline in 2009. This drop could be even more significant in a deep or prolonged recession. If the market share of The Big Three continues to decline, the numbers will be even worse for the U.S. car companies. (See pictures of the global financial crisis...
...failing U.S. auto market make it significantly more likely that GM and Chrysler will not get the funds they want to stay independent. The federal government may force them into Chapter 11 while providing funds to keep them operating indefinitely. Congress and the Administration may decide that supporting Detroit is necessary because closing the firms would put so many people onto the unemployment line. More job losses, of course, would in large part negate the goal of the stimulus plan to add three to four million new jobs to the economy over the next two years. From that standpoint...
...shoulder an unfair burden in the automakers' survival plans. "Management got us into this mess and now we're supposed to get them out of it," griped one union official familiar with the bargaining. "I'm hoping Obama's going to step in." (See pictures of the remains of Detroit...