Late Thursday, news broke that the U.S. Senate could not come to an agreement on a bailout loan package for the U.S. automakers. Now, hope for the Big Three lies almost entirely with the White House, where the president is considering using money from the Troubled Asset Relief Program to keep Chrysler and GM from filing bankruptcy in a matter of weeks. Collapse of the auto industry could cost 2.5 million jobs in related industries, according to Mark Zandi, chief economist of Moody’s Economy.com.
Automotive News reported that about $15 billion remains from the initial funding of TARP, exactly the amount the automakers say they need to stave of bankruptcy through the first quarter of 2009. (Read the full article from …
Auto Bailout Hits Wall, But Hope is Still Alive
Late Thursday, news broke that the U.S. Senate could not come to an agreement on a bailout loan package for the U.S. automakers. Now, hope for the Big Three lies almost entirely with the White House, where the president is considering using money from the Troubled Asset Relief Program to keep Chrysler and GM from filing bankruptcy in a matter of weeks. Collapse of the auto industry could cost 2.5 million jobs in related industries, according to Mark Zandi, chief economist of Moody’s Economy.com.
Automotive News reported that about $15 billion remains from the initial funding of TARP, exactly the amount the automakers say they need to stave of bankruptcy through the first quarter of 2009. (Read the full article from …
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