Politics
Which poses a bigger risk to the US Economy: GM or AIG?
Nancy Pelosi urges Congress to pass a bailout for the auto industry, believing that GM is too big to be allowed to fail. Read more...
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The Auto Industry
[GM is] ready to work with Congress and the administration to secure the immediate support we need to bridge the current economic crisis. Read the Article
Quoted by brownlu on Nov. 12th, 2008
Trying to reorganize the auto industry in bankruptcy would be as close to reorganizing the whole U.S. economy as you could get. The vast supply chain involves thousands of businesses, millions of existing jobs and just as many retirees, as well as whole communities and states. Read the Article
Quoted by brownlu on Nov. 12th, 2008
Once we cross the divide from financial institutions to individual corporations, truly, where would you draw the line? Read the Article
Quoted by brownlu on Nov. 12th, 2008
This government decided that it was going to step in and throw $700 billion at the financial sector. We're just asking for a fraction of that. Read the Article
Quoted by brownlu on Nov. 12th, 2008
[The auto] industry supports one in 10 jobs in the country. If this industry is allowed to fail, there would be a ripple effect throughout the nation. Read the Article
Quoted by brownlu on Nov. 12th, 2008
We're in a situation where there's a great unknown about what will happen. And a great concern that at least one of the companies will find themselves in a situation where they cannot make it until January 20. Read the Article
Quoted by brownlu on Nov. 12th, 2008
The Financial Services Industry
The Bush administration sees the $700 billion rescue as an emergency measure to save the financial sector on the grounds that finance is a utility...By the same token, government must save the financial sector lest credit dry up and strangle the rest of the economy. Read the Article
Quoted by brownlu on Nov. 14th, 2008
General Comments
In order to prevent the failure of one or more of the major American automobile manufacturers...Congress and the Bush administration must take immediate action. Read the Article
Quoted by brownlu on Nov. 12th, 2008
We are facing the greatest economic challenge of our lifetime, and we’re going to have to act swiftly to resolve it. Read the Article
Quoted by brownlu on Nov. 12th, 2008
Congress approved legislation in late September to provide $25b in loans to domestic automakers and suppliers...to build more fuel-efficient vehicles. But the funding has stalled and...industry [insiders] say it will not be sufficient to help the companies with their immediate financial problems. Read the Article
Quoted by brownlu on Nov. 12th, 2008
The auto industry is the largest manufacturing industry in America...A total collapse of this industry could affect as many as 3 million jobs in the first year alone -- almost 5% of total U.S. manufacturing jobs -- and send shock waves through national and foreign markets. Read the Article
Quoted by brownlu on Nov. 12th, 2008
If the U.S. government -- on behalf of the people -- is going to spend considerable sums of public money and incur public debt to keep these institutions alive, let's insist on returns that benefit society as a whole, not merely Big Three shareholders, management and employees. Read the Article
Quoted by brownlu on Nov. 12th, 2008
If 300 million Americans are going to borrow money to bail out an industry, then it seems only reasonable to insist that that industry take more socially responsible positions toward energy conservation, safety and the environment. Read the Article
Quoted by brownlu on Nov. 12th, 2008
...It would be more realistic to say that GM’s continued existence under weak management has served as a capital repellant such that capital and jobs will continue to flee the state if GM is saved with the money of others. Read the Article
Quoted by brownlu on Nov. 12th, 2008
The better answer for a capital-starved economy would be for the federal government to once again get out of the way, and in doing so, let funds flow to the very best ideas to insure as quick a recovery as possible. Read the Article
Quoted by brownlu on Nov. 12th, 2008
The latest losses at General Motors reveal yet again that it is the living embodiment of managerial ineptitude, and to insure that it no longer fails its customers while harming the well-being of Americans more broadly, it’s essential to let the firm die. Read the Article
Quoted by brownlu on Nov. 12th, 2008
