Mixed Views n $17.4 Billion Auto Bailout
The News Review:
- Mixed Views n $17.4 Billion Auto Bailout
- Economic woes extend beyond auto industry in Motor City
- Canada follows US with auto aid package
- Visteon Withdraws 2008 Views n Auto Production Cuts
Mixed Views n $17.4 Billion Auto Bailout
CBS News NY
Congressional Republicans don’t like the idea of using money from the $700 billion bailout program intended for banks and other financial firms and the union representing autoworkers says this is too harsh on its members. President-elect Barack bama praised the administration’s action but warned “The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely necessary to save this critical industry and the millions of American jobs that depend on it. “bama will be free to reopen the arrangement once he takes office if he chooses and the head of the United Auto Workers said the union would be appealing to the new president and the strongly Democratic new Congress on that subject. bama was noncommittal on possible changes but said he would “make sure that when we see a final restructuring package that it’s not just workers who are bearing the brunt. “Michigan Governor Jennifer Granholm D. said the $17 billion loan package is “a great Christmas present not just to the automakers but to those who supply them representing 3 million jobs across the country.
Related from Southwestmuseum: Mixed Views n $17.4 Billion Auto Bailout
Economic woes extend beyond auto industry in Motor City
USA Today
The jobless rate has climbed past 21% the embattled school district just fired its superintendent tens of thousands of homes and stores are abandoned the ex-mayor is in jail for a text-messaging sex scandal. Even the pro football team is a pathetic joke — the Lions are within two losses of an unprecedented 0-16 season. And overarching these woes is the near-collapse of the U. auto industry Detroit’s vital source of jobs and status for more than a century. “We’re the Motor City” said Scott Alan Davis who oversees community development projects in one of the worst-hit neighborhoods. “When the basis for that name collapses that’s started to scare people.
Canada follows US with auto aid package
Reuters
3 billion) in emergency loans to the Canadian arms of Detroit’s ailing automakers to keep them operating while they restructure their businesses Prime Minister Stephen Harper said on Saturday. The package announced by Harper and ntario Premier Dalton McGuinty comes a day after the White House unveiled a $17. 4 billion package to shore up Detroit’s auto industry. Harper also announced two new federal measures to support the overall industry — one to benefit automotive suppliers and a second to help consumers get credit to buy cars. “There are literally across the country hundreds of thousands if not millions of potentially affected families by the distress of this industry” Harper said at a joint news conference.
Visteon Withdraws 2008 Views n Auto Production Cuts
CNNMoney.com
(F) spinoff lowered its year viewfrom product sales to $9. 4 billion from $10 billion and declined to give 2009guidance. For months auto suppliers have felt the impact of auto makers’ efforts topare down swollen inventories and turn around their operations particularly inNorth America. Visteon has been cutting jobs and costs this year in an effort tomitigate the downturn’s effects. “We have taken aggressive actions over the past three years to restructure andimprove our business and we continue to take the actions necessary to align ourmanufacturing capacity and cost structure with the rapidly changing economic andmarket environment” Chairman and Chief Executive Donald J. In after-hours trading Visteon shares were up 16% to 44 cents.
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