FRIDAY NOVEMBER 21
Big Three: Time For The Charm Offensive
So, U.S. lawmakers are telling Detroit's auto makers to drop their petals, fold their tents, take their sad little financial plans and go home. Uh huh, like that’s really going to happen.
November 2008
The Big Three are on their own for now.
Congressional efforts to rescue Detroit's auto makers collapsed Thursday, with lawmakers saying the industry lacked credible plans to return to profitability.
The decision came after two days in which leaders of three of America's largest corporations pleaded for a taxpayer-financed rescue from lawmakers in front of a national television audience. The spurning of their pleas leaves in question the future of companies that have been synonymous with American industry for decades and together employ 239,000 people in the U.S. (Please see related article on Page B3.)
Democrats in Congress offered only a glimmer of hope, saying they would reconsider a rescue if General Motors Corp., Ford Motor Co. and Chrysler LLC submit convincing turnaround plans by Dec. 2.
"Until they show us the plan, we cannot show them the money," said Speaker Nancy Pelosi, the California Democrat.
One possibility is that Congress holds hearings after the auto makers submit their plans and then considers legislation the following week. Democratic leaders are likely to end up drafting an entirely new piece of legislation, rather than draw the requested $25 billion from either the $700 billion financial-rescue plan or already-approved loans intended to retool auto plants.
Continue reading on WSJ.com
