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At the request of the White House and President-elect Barack Obama, today the Senate released the second $350 billion of the $700 federal rescue package demanded last year by George W. Bush and Treasury Secretary Paulson. Some of the money could be used to provide loans to the auto industry. Obama promised tighter control of [...]
Enthusiasts are likely to spread the word about the current “Cash for Clunkers” proposal introduced by Senator Diane Feinstein. The goal of the program is to reduce fuel usage while stimulating the industry, by giving people a credit when they trade in a vehicle with an EPA rating of under 18 miles per gallon (presumably [...]
Freshman Senator Bob Corker, who savaged Chrysler and General Motors during the recent loan hearings, today told reporters that he hopes Chrysler will find a merger partner. “Chrysler probably needs to merge with somebody, not necessarily go away from the standpoint of existence,” according to the junior Senator from Tennessee. “It appears to me based [...]
Senator Bob Corker, whose relentless and often incorrect criticisms of GM and Chrysler set the tone for recent hearings, is visiting GM executives at the Detroit Auto Show today to praise GM’s Saturn plant, located in the Southeastern United States. Corker took some time out to dismiss Chrysler as being worthy of discussion, according to [...]