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Detroit Chiefs Plead for Aid, to Little Avail

New York Times Original article ›

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After the hearing on November 18, 2007, in the Senate in front of the Banking Committee, most senators remained unconvinced. Prof. Morici of the University of Maryland and some senators including the senator from Tennessee asked tough questions about the automakers business model and viability going forward and some senators voiced deep concern about the automakers resistance to better fuel efficiency standards. The testimony given in advance and the remarks ahead of the questions showed the Detroit automakers CEO's were in a disconnect as they did not come forward with an acceptance of past mistakes on fuel efficiency, lack of vision on energy conservation, and failure of union and management to address benefits and work rules that were obsolete a long time ago, relying too heavily on lobbyists and on the plea by Michigan senator Debbie Stabenow for aid. Failure to do this and relying too heavily on the job losses and economic threat may have alienated many senators who are outside the midwestern region where most of the Detroit automakers are concentrated.

Sinking demand in 2008 and the Detroit automakers future.

02/13/2006

Sinking demand is casting a long shadow on the future of Detroit automakers, not the sinking demand of the 3rd quarter which was bad, but the sinking demand for the 4th quarter 2008 and in 2009. Something that GM and Ford with their optimistic forecasts of 13-14 million vehicles for 2009 as stated in theSenate on November 18, 2008 by their CEO's, may have missed as sales may be in the neighborhood of 10 million or lower in 2009.

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U.S. Auto Sales Surge in December

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Carmakers Report Losses as They Burn Cash

New York Times 11/08/2008

Some G.M. Retirees Are in a Health Care Squeeze

New York Times 11/10/2008

Detroit Auto Makers Need More Than a Bailout

Wall Street Journal 11/10/2008

Nationalizing Detroit

Wall Street Journal 11/10/2008

Obama Asks Bush to Provide Help for Automakers

New York Times 11/11/2008


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