Word: detroiters
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...more aware of that need than Barack Obama, who carried Michigan by a huge margin. The President-elect is committed to helping the Detroit Three, and House Speaker Nancy Pelosi is leading a rescue party that plans to get a bailout bill in front of President Bush before Thanksgiving. So far, the President has offered only to speed through Congress an already approved $25 billion loan to help Detroit create new fuel-efficient models. But GM needs an additional $10 billion simply to pay its bills next year and $15 billion more to close plants, compensate redundant workers and dump...
...Although the Detroit Three directly employed about 240,000 people last year, according to the industry-allied Center for Automotive Research (CAR) in Ann Arbor, Mich., the multiplier effect is large, which is typical in manufacturing. Throw in the partsmakers and other suppliers, and you have an additional 974,000 jobs. Together, says CAR, these 1.2 million workers spend enough to keep 1.7 million more people employed. That gets you to 2.9 million jobs tied to the Detroit Three, and even if you discount the figures because of CAR's allegiance, it's a big number. Shut down Detroit...
...limits. But he did indicate that the Bush Administration would be agreeable if Congress wanted to amend a law passed in September that provides $25 billion in loans to automakers for retooling, so that those funds can be used to keep GM and the two other members of the Detroit Three alive...
...they were scheduled to) in almost two years, according to FlightStats. Virgin America didn't win that Conde Nast Readers' Choice Award for nothing: It topped the list with about 93% of flights arriving on time. The five best U.S. airports for on-time flights: Salt Lake City, Cincinnati, Detroit, Oakland and Minneapolis/St. Paul...
...response, desperate carmakers are now talking about asking Congress for new tax incentives, such as making interest on car loans deductible or granting tax credits for scrapping old cars - moves designed to encourage consumers to purchase new vehicles. And it's not just Detroit that's hurting. "We would be in favor of some kind of action if it was across the board," says Irv Miller, vice president of public relations for Toyota Motor Co., which saw its sales drop 26% last month in spite of ongoing zero-interest financing deals...