"Karnac the Magnificent" I am not. Heck, for weeks I've been predicting Congress would ultimately come up with a bailout for the Big 3. So after the Senate shot down the aid package last night, it's no wonder my wife said to me, "Gee Einstein, guess you were wrong about what would happen on Capitol Hill."
With the failure to pass an auto loan bill, the Treasury Department is now essentially the "last line of defense" for the auto makers. They can now provide a bridge loan through the TARP, or provide or guarantee a debtor-in-possession facility to fund a pre-packaged Chapter 11 proceeding.
The Senate rejected the bill for a $14 billion U.S. auto bailout on Thursday, sending global stocks plummeting.
Chrysler is nearing the minimum level of cash it needs to run the company and will have trouble paying bills after the first of the year, according to its chief financial officer.
Some days, the bad news is just plain bad. Senate's failure to reach an agreement on the auto bailout package looks set to drive markets lower Friday and that could most certainly mean a bankrupt General Motors.
If you're in the market for a used car, read on. Your safety depends on it.
We're not talking about soft tops here. Find out why preferred shares might be the best way to play the autos bailout.
You have to give it to the Senate Republicans. Senators Shelby, Corker, Ensign and their colleagues in the GOP have been loud and effective in slowing down, if not jeopardizing the $14 Billion auto bailout package.
Shares in European automotive companies traded lower Thursday after Morgan Stanley revised down its ratings and price targets for most of them.
The auto industry bailout will drive the market again Thursday as lawmakers haggle over the details of a temporary rescue plan for the big three.
Americans remain downbeat about the economy, corporate America and the government's handling of the financial crisis, but optimistic about Barack Obama's ability to turn things around, according to a new NBC News/Wall Street Journal poll.
The auto bailout could be in trouble, according to CNBC’s John Harwood.
Stocks closed higher as a rebound in oil prices boosted energy shares and offset worries about the fate of the auto industry bailout.
Stocks rode the enthusiasm over an auto makers bailout and a swift round of profit-taking to stage a rally Wednesday that offset some of the previous day's losses.
Ray T from Indiana writes, "We are loaning the auto companies $15 billion to keep them open for the next 4 months to make 3 million cars we don't want. That is $5000 for each!
GMAC Financial Services, the financing arm of General Motors, said it hasn't raised enough capital to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan.
GMAC, the troubled auto and mortgage lender, warned it may not have enough capital to become a bankholding company, the latest blow to the battered auto industry.
Seventy-three dollars an hour. That figure has become a big symbol in the fight over what should happen to Detroit, but is it reaaly what a UAW worker earns?
At the minimum, government is inefficient in allocating resources. At the worst, they allocate resources based on political favors and based on enacting social policy. This is why the letter by Fed Chairman Ben Bernanke is a step in the right direction.
If Washington approves this $15 Billion bailout by the end of today or tomorrow (and yes, I think that will happen) the question will turn to who becomes the "Car Czar." It will be a presidential appointment and it will be crucial to determining if this auto bailout actually works.