rdan AP reports: Major automakers reported plunging U.S. sales for September — led by a 34 percent slide at Ford Motor Co — as an escalating credit crisis hit the slumping industry and raised new doubts about when the world’s largest auto market would stabilize. The 26-percent drop in industry-wide auto sales was sharper than […]
rdan (hat tip Movie Guy) FOR RELEASE: 2008-12-12GM Announces Significant Production Cuts for Q1 ’09 Moves In Direct Response to Rapidly Deteriorating Market Conditions DETROIT – General Motors announced today a significant reduction of planned production for the first quarter of 2009 due to the ongoing and severe drop in industry sales, which were down […]
rdan The Detroit Free Press carries this statement: “The UAW is deeply disappointed that Senate Republicans have blocked the bipartisan legislation that was agreed to by President Bush and congressional Democrats. “In an effort to work out a compromise, the UAW was prepared to agree that any restructuring plan should ensure that the wages and […]
rdan Naked Capitalism Yves points to this NYT article. The quote is a very short part of a longer discussion. General Motors and Chrysler, for example, owe their suppliers a total of roughly $10 billion for parts that have been delivered. G.M. has held off paying them for weeks, and Chrysler is paying in small […]
rdan The AP reports that the 15 billion is not available to the auto companies: Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse. General Motors Corp. and Chrysler LLC, which have said they could run out of […]
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rdan The GAO reports on the complications of measuring the effectiveness (or ineffectiveness) of TARP actions. TARP’s activities could improve market confidence in institutions that choose to participate and have beneficial effects on credit markets, but several factors will complicate efforts to measure any impact. If TARP is having its intended effect, a number of […]
rdan hat tip Z Facts. hat tip mcwop for this chart: Yves provides added links and comment here at Naked Capitalism: But as usual the Fed surprises us all with their lack of transparency. They are asking Congress about permission to issue their own debt directly, not tied to Treasuries. This is known in central […]
rdan H. RES. 1531 is proposed to block Administration blanket pardons. It is worth a discussion…repeat…discussion.