Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[WaPo/ABC News: 55% of Americans against auto bailout; Levin says possible deal tomorrow]]>http://www.autoblog.com/2008/12/16/wapo-abc-news-55-of-americans-against-auto-bailout-levin-says/http://www.autoblog.com/2008/12/16/wapo-abc-news-55-of-americans-against-auto-bailout-levin-says/http://www.autoblog.com/2008/12/16/wapo-abc-news-55-of-americans-against-auto-bailout-levin-says/#commentsFiled under: ,



55% of Americans are against a federal bailout of U.S. automakers. This, according to a Washington Post/ABC News poll of 1,003 randomly-selected adults nationwide that was conducted by phone last week between December 11 and 14 (we didn't get a call, did you?). 42% of those polled express support for the measure, which died in the Senate late last Thursday night. The poll results show that respondents place 75% of the blame for the current crisis facing Detroit on the shoulders of management, with 22% blaming the economy. On the question of whether automaker bankruptcy filings would be good, bad or make no difference in the economy, the majority (43%) feel that bankruptcy proceedings would have no effect. 34% feel it would be bad, and 17% of those polled believe that it would be a good thing for the broader economy.

In related news, an announcement on a new White House-backed bailout deal for GM and Chrysler using money from Hank Paulson's magic TARP slush fund could come tomorrow, according to Senator Carl Levin, the Michigan Democrat. Levin hopes/believes that whatever deal comes out of the current negotiations will be in line with the original, failed package brokered between President Bush and House Democrats. Republican Senator Bob Corker of Tennessee, whose Senate compromise deal fell apart when the UAW walked away from the table, is pressing the White House to impose "tougher" conditions on all involved parties as part of any potential agreement. However this pans out (last week's events should serve as a reminder that regardless of what's reported, a deal is not a "lock"), expect roughly half the population to be plenty ticked off once the smoke clears.

[Sources: The Washington Post, Reuters]

WaPo/ABC News: 55% of Americans against auto bailout; Levin says possible deal tomorrow originally appeared on Autoblog on Tue, 16 Dec 2008 14:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>auto bailoutAutoBailoutbailoutChryslerGMpaulsontarpwhite houseWhiteHouseTue, 16 Dec 2008 14:29:00 EST<![CDATA[Canada to the rescue! (after U.S.)]]>http://www.autoblog.com/2008/12/14/canada-to-the-rescue-after-u-s/http://www.autoblog.com/2008/12/14/canada-to-the-rescue-after-u-s/http://www.autoblog.com/2008/12/14/canada-to-the-rescue-after-u-s/#commentsFiled under:

With all signs pointing to White House action on an automaker bailout despite the the bill not making it out of the Senate last Thursday, Canada has its taxpayers' wallets on standby as well. Our neighbors to the north account for a 20% share of the auto industry, and both the federal and Ontario governments are ready to add a commensurate amount of money to the bailout pot if U.S. government action does take place. So, assuming President Bush instructs Henry Paulson, the recently-crowned King of All Our Money, to give Detroit $14B out of TARP to tide them over and keep the RenCen escalators running until this all officially becomes Obama's problem next month, look for an additional $2.8B or so to float across the Detroit River. Thanks for the tip, BrandleSmith!

[Source: Reuters]

Canada to the rescue! (after U.S.) originally appeared on Autoblog on Sun, 14 Dec 2008 17:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutbushcanadadetroit bailoutDetroitBailoutpaulsontarpSun, 14 Dec 2008 17:31:00 EST<![CDATA[Paulson: Automaker aid won't come from financial bailout money]]>http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/http://www.autoblog.com/2008/11/12/paulson-automaker-aid-wont-come-from-financial-bailout-money/#commentsFiled under: ,



Some U.S. policymakers believe that the domestic auto industry needs a multi-billion $hot in the arm, but the sticking point seems to be where to find the funds. Rep. Barney Frank (D-Mass.) is calling for a portion of the financial sector's $700 billion TARP buyout to be apportioned to Detroit, but Treasury Secretary Henry Paulson doesn't like the sound of that at all. Instead, Paulson would like to see the automakers get the $25 billion they've already been promised, and suggests that it be made available as soon as possible. Of course, that money was supposed to go towards retooling the industry to make more fuel efficient cars, not necessarily as a cash-infusion to keep the Detroit 2.8 running. In any case, Frank has called for a meeting with the heads of each automaker in Washington next Wednesday to discuss whether a new loan for Detroit should be sectioned off from the TARP fund. This could get interesting.

[Source: Detroit Free Press, Photo by Alex Wong/Getty]

Paulson: Automaker aid won't come from financial bailout money originally appeared on Autoblog on Wed, 12 Nov 2008 17:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bailoutbarney frankBarneyFrankdetroitdetroit 3detroit 3 bailoutdetroit bailoutDetroit3Detroit3BailoutDetroitBailouthank paulsonHankPaulsonhenry paulsonHenryPaulsonpaulsontarptarp fundTarpFundWed, 12 Nov 2008 17:58:00 EST