Word: gm
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Dates: during 2000-2009
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...moves don't go far enough. The GOP is asking for assurances that the taxpayers will be repaid - like the assurances given by the banking industry - and for a commission to ensure that the money is spent wisely, especially since all three companies are already so deep in debt (GM alone owes $48 billion). To that end, the GOP wants a change in leadership at all three companies. "I have yet to see any semblance of a plan for General Motors to become viable," Senator Arlen Specter, a Pennsylvania Republican, said on the Senate floor. "General Motors and the auto...
...That squeezes manufacturers and grounds exports, since a strong Loonie deprives Canada of a cost advantage it has enjoyed for years. The Canadian dollar has weakened recently, but now the financial problems threatening to push Detroit's auto industry over the brink have also gripped the Canadian subsidiaries of GM, Ford and Chrysler. See the 50 Worst Cars of All Time
...this year Canada has lost 5,000 vehicle-assembly jobs and 10,000 parts-supply jobs, almost all of them in the belt of southern Ontario that runs from New York to Michigan. GM Canada has been hardest hit, but it has yet to reap the worst of this whirlwind. The Oshawa, Ont.-based car company, which takes its marching orders from Detroit, expects to shed another 4,000 jobs with planned closures of a truck and transmission plant. This downsizing is needed to cope with overcapacity, but it's fostering bad blood between the car maker and its union...
Critics argue that if U.S. car makers have stopped making the vehicles people want to drive, it might not be such a bad thing to force GM to reinvent itself under Chapter 11 bankruptcy protection. However the wider, short-run repercussion might be too much to bear for the North American industry. "There's a real fear if one of the Detroit Three fails it will threaten the future of the others on both sides of the border," says Jayson Myers, president of Canadian Manufacturers & Exporters, the country's largest trade and industry association. Says Buckley...
...that's ultimately where Detroit ends up, is it worth the price to get there? Put another way, does GM deserve to be bailed out or left at the mercy of the market and almost certain death? "The University of Chicago training in me says the market should prevail," says Schrager. "But the Chrysler bailout was a success, and, gosh, I'd love to save it." That sentiment is not shared by everyone, and it goes to the heart of the central economic debate facing the country - between hard-nosed capitalists, who believe the market should decide, and public-policy...