Word: gm
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Dates: during 2000-2009
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...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 some of its lesser-performing brands...
...issue boils down to a historic proposition: Is what's good for GM still good for the country...
...GM were to go into a free-fall bankruptcy and didn't pay its trade debts, then the entire domestic auto industry shuts down," says Rodriguez. The system - the domestic auto plants and their interconnected group of suppliers - is far bigger than GM. It includes 54 North American manufacturing plants and at least 4,000 so-called Tier 1 suppliers - firms that feed parts and subassemblies directly to those plants. That includes mom-and-pop outfits but also a dozen or so large companies such as Lear, Johnson Controls and GM's former captive Delphi. Beyond those are thousands...
...Even if just one of the Detroit Three - and GM is the most likely, as Ford is in better shape and Chrysler is much smaller - spiraled into a free-fall bankruptcy, the systemic effects, at least initially, would be huge. The whole industry would not be able to build cars in the U.S., because of the lack of parts. "Unlike the airlines or steel, when you look at the automobile industry and the fact that the whole supplier base is connected - to Ford, Chrysler, Toyota - it will have a ripple effect on the entire industry," says Nicole Y. Lamb-Hale...
...Read a report on GM and Ford...