Monday morning links

TOP STORIES Detroit automakers await deal on auto loans - Associated Press Japan’s Tankan Confidence Plunges Most in 34 Years - Bloomberg IMF sees Chinese growth halved as downturn spreads - Reuters [more...]

Date: 2008-12-15 14:16:22

Blog posts (673) | Videos (283)
 

Scary Words from Bernanke

This morning's Wall Street Journal quotes a 1999 paper by Ben Bernanke as follows: Roosevelt's specific actions were, I think, ... to backstop the asset-backed securities market, which finances auto, credit-card and student loans [more...]

Date: 2008-12-15 15:36:39

Depressing News

Copyright 2009 Ben S. PollockThe news business is collapsing. Lots of other industries are imploding — banking, autos — but who can do without loans and cars, while who needs news in this time of peace (yes, it is)?I. News Always Has Been Free, AlmostThe [more...]

Date: 2009-02-24 17:27:56

Was The Bailout Legal?

Michelle, who also has a statement from Boehner addresses whether or not Bush's move under TARP is even legal ... a manner. But did anyone really expect Bush to go out with the collapse of the domestic auto industry ... him. With the short-term loan, this issue is heading back to Congress where it belonged in the first place [more...]

Date: 2008-12-19 16:35:57

Used Auto Loans Online at Low Interest Rates

Everybody has not enough money to pay for a new car. As for those who want to purchase a second-hand or used car, most of them apply for used car loans. This can be done before they purchase the car or during the process of buying the used car [more...]

Date: 2008-11-10 09:11:24

01/29/2009, 9:10 AM

Ford NewsFord reports $14.6b net loss in ‘08 Despite a $14 ... independent analysts and Ford executives are still optimistic. “Ford and the entire auto industry faced ... of their federal loan agreements. “We believe Ford will benefit from any union concessions,” said [more...]

Date: 2009-01-29 14:10:23

Bush Pardons Auto Manufacturers

With just 31 days left in his term, President Bush has pardoned Ford, Chrysler, ... . The White House will give the auto manufacturers $17.4 billion in low interest loans. That doesn't ... . And it doesn't mean that this loan money from the government will stop the offshoring of American jobs [more...]

Date: 2008-12-19 14:18:15

Fed Grants GMAC Bank Status– Provided GM and Cerberus Piss Off. Eventually.

Thanks to its enthusiastic participation in the sub-prime mortgage market and billions in low-interest, low-FICO score auto loans, GMAC was headed for bankruptcy. There was only one way out: convert [more...]

Date: 2008-12-25 00:10:34

The Bailouts Just Keep Coming

After securing a $25 billion government loan from Congress before the election, the auto industry is back at the soup line begging for more assistance. And House Speaker Nancy ... and the continued propping up of our moribund auto industry, why don’t we just go ahead and nationalize [more...]

Date: 2008-11-11 23:02:10

Stocks back off 12-year lows as analysts debate significance

Date: Tue, 03 Mar 2009 12:01:22 -0500 Stocks back off 12-year lows as analysts debate significance As U.S ... estate trade group says. TOYOTA REPORTED SEEKING $2 BILLION LOAN FROM JBIC Toyota's auto-financing ... market milestone or nothing much at all. THE FED: NEW LENDING PROGRAM LAUNCHED; CONSUMERS, BUSINESS [more...]

Date: 2009-03-03 17:15:00

Carmakers planning eco-caravan to D.C. for next round of talks

Barack Obama has backed Congress' decision to delay a decision on additional auto industry loans, ... - putting a face and a sense of perspective to the issue of the auto industry's importance [more...]

Date: 2008-11-24 17:42:07

The NAACP in 2009

There was a spate of articles last month on the occasion of the NAACP's centennial, ... verification from ex-felon voter restoration law. Oppose Auto Title Predatory Loans. Think [more...]

Date: 2009-03-05 16:07:08

Toyota And Maybe Honda And Mazda Asking For A Bailout

By Meg Marco, 9:59 AM on Wed Mar 4 2009, 6, ... would follow Toyota Motor Corp., Japan's biggest carmaker, in seeking loans from the government as the global recession hammers auto demand. U.S. auto sales in February slid to the lowest rate since [more...]

Date: 2009-03-04 14:59:09

Auto loans: Floating rate is in

Most car buyers, when applying for a loan, grapple with the question of whether they should opt for a fixed or a floating rate option. [more...]

Date: 2008-08-20 17:24:28

GM May End up in Bankruptcy Anyway

Glad we poured all that money down that rathole : DETROIT (AP) -- General Motors Corp ... , in its annual report filed on Thursday. GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion [more...]

Date: 2009-03-05 19:51:00

Corporate Class War: Pit Worker Against Worker

Corporate Class War: Pit Worker Against Worker Digg by Tula Connell, Nov 21, 2008 Q ... . As discussion about the Detroit auto industry's requests for a bridge loan roils throughout the media, a strikingly class-based argument has emerged by Republican ideologists, Big Business apologists [more...]

Date: 2008-11-21 23:02:26

Honda, GM announce massive Q1 2009 production cuts

The car market continues to worsen even as the auto loan bill flounders in Washington. Honda and General Motors today have announced huge production cuts for the first quarter of 2009, totaling [more...]

Date: 2008-12-12 17:53:15

Of bailouts, boycotts, and buying a Ford.

This is the 2009 Ford Shelby Mustang GT 500. I want this car. When I was in high school I wanted the 1967 Shelby Cobra GT 500 ... 237 - 170 to pass the Federal Auto Loan Bill. Friday, the Senate failed to reach the needed 60 vote [more...]

Date: 2008-12-14 14:00:49

Automakers struggle with tight credit market (pfblogs.org)

Filed under: Ford Motor (F), General Motors (GM)Shares of General Motors (NYSE: GM) ... to this? If you believe the auto industry, it's a taxpayer-funded "loan" of as much as $50 billion. That's right ... ) from The Wall Street Journal: "In another unhappy chapter for the strapped industry, U.S. auto makers [more...]

Date: 2008-09-23 22:30:53

Credit Coaching - What Do I Do About Those Debt Collectors

by Cliff Pape If you’ve fallen behind on your bills, ... rights! Debts covered under this law include auto loans, medical bills and credit card bills [more...]

Date: 2009-03-09 08:30:12

“I know, we’ll dig our way out!”

When exactly did the current economic “situation” stop being a crisis and develop into a full-blown parody? ... all be happy as clams… except this ignores the underlying problems facing the auto industry. Car ... , they are money pits. The average loan in the United States is for 98% of the car’s total value (couldn’ [more...]

Date: 2009-03-10 16:57:52

Bailout Watch 342: UAW Stonewalls on Concessions

The Detroit Free Press reports that Ron Gettelfinger is confused. Yes, the United Auto Workers (UAW) boss is waiting for “clarification on loan impact.” You know the loans, right? The $17.4b hoovered from your tax money to prop-up the bankrupt automakers known as GM and Chrysler (not to mention [more...]

Date: 2009-01-15 16:13:57

VOICES: Southern oligarchy and the labor unions

By Joseph B. Atkins From The Progressive Populist Cheap labor ... on the proposed $14 billion loan to the domestic auto industry -- with 11 other Southern senators marching [more...]

Date: 2009-03-10 15:33:32

Louise asking for Hydrogen Fuel Cell production to remain here

Last week we talked with Dan Maloney about keeping GM’s fuel cell manufacturing here , in Monroe County ... for the $25 billion loan fund Congress established last fall for U.S. auto manufacturers to re-tool ... operations in Rochester, NY as well. Manufacturing fuel cells in Rochester makes good business [more...]

Date: 2009-02-28 01:44:30

Obama’s Joint Session Speech - Live Blog

For those who can’t get to a teevee.  You can also watch the address live at Hulu.com .  Check back often for updates ... responsibility.  Credit has stopped flowing.  Too many bad loans.  Create a new lending fund to provide auto [more...]

Date: 2009-02-25 01:36:14

BoC cuts rates, RBA holds, Fed launches TALF

The Bank of Canada cut rates again on Tuesday. Reuters reports : ... : The Federal Reserve said its $1 trillion program to prop up the market for auto and business loans [more...]

Date: 2009-03-04 07:33:00

Got a tip for a post?: Email us | Anonymous form Get PEEK in your mailbox! Econ-ocalypse: Dow Drops Below 7,600, No Deal Reached on Auto Bailout Posted ... in their accounts to cover the loans they've taken out. The term for this is an Ohmstead break [more...]

Date: 2008-11-20 22:49:31

How Your Credit Score Affects Interest Rates

I was taking advantage of a promotion by myFICO and Equifax that let you see your credit score for free ( ... on various loans, here’s one for a 30 year fixed mortgage: Credit Score 30 Yr. Mortgage 760-850 ... Loan Credit Score 36 Mo. New Auto 720-850 6.235% 690-719 7.751% 660-689 8.863% 620-689 [more...]

Date: 2008-10-02 13:26:45

REPORT: Chinese government approves of Chery's bid to purchase Volvo

Filed under: China , Government/Legal , Volvo , Chery , Rumormill If, like us, you've been following the Volvo saga pretty closely, ... it out of Chery's league. But who knows? Chery Auto just got a 10 billion yuan ($1.47 billion) loan to help it grow globally and was also given a line of credit by the bank, so only time will tell. [more...]

Date: 2009-03-06 22:57:00

The Bailouts Keep Coming: Treasury Considering Expanding Bailout To Insurance Companies

Sure. Why not? Spending other people’s money is easy ... is drawing requests from insurance firms, auto makers, state governments and transit agencies ... billion rescue loan to giant insurer American International Group Inc. in exchange for an 80% stake [more...]

Date: 2008-10-25 16:05:24

Questions For Your Congressmen About the "Auto Crisis"

When you look at it closely, Congress is not only looking to bail out the Big, I mean, Weak Three, ... to me that the $14 BILLION Dollars Congress wants to "lend" these particular auto companies could ... its not a bail out it is a loan. Loans are given to be paid back. If GM already owes $60 billion [more...]

Date: 2008-12-10 23:40:52

Ford does not need government loans: CEO

Hear hear. Ford Motor Co has enough liquidity to fund its restructuring plan and despite the deep downturn in auto sales still sees no need to ask for government loans, Chief Executive Alan Mulally said on Saturday. "We don't want to borrow any ... is in a relatively good shape," Mulally told reporters on the sidelines of the National Automobile [more...]

Date: 2009-01-26 03:29:54

Thursday morning links

TOP STORIES U.S. Jobless Benefit Rolls Reach Record 4 ... jobless claims; continuing claims near 5M - AP Auto bailout tab could top $130 billion - CNN ... as Loans Dry Up - CNBC Ukraine must be rescued from tragi-comedy for Europe's sake - Telegraph [more...]

Date: 2009-02-19 13:47:00

You Can't Get There From Here

SEARCH BLOG: AUTOMOBILES Michigan Rep. Thaddeus McCotter comes across more like a logic professor than a U.S. Congressman ... Securities Loan Facility (TALF) may not include credit access relief for domestic auto dealers to purchase ... As our American auto industry’s working families continue to endure a painful and perilous restructuring [more...]

Date: 2009-02-26 16:12:00

GM and Chrysler Submit Updated Restructuring Plans; Up to $18.6B More Needed; Outlines for Product Plans

As required by the loan agreements signed in December 2008, ... for the entire auto industry, outline a need for up to an additional $16.6 billion in Federal support ... planning volumes are more conservative than those being used by most other industry sources [more...]

Date: 2009-02-18 09:55:00

The Politics and Economics of the Auto Bailout

The Senate logjam over a $14 billion "bridge loan" for the Big Three to tide them over until the end of March may be breaking ... in America. Japanese, Korean, and German automakers are now building 18 auto assembly plants in the United ... has Toyota's biggest auto assembly plant outside Japan. Tennessee (Senate Rep. Bob Corker, who came [more...]

Date: 2008-12-12 01:30:00

Money for Idiots

By DAVID BROOKS NYT Our moral and economic system is based on individual responsibility ... reward bankers who took insane risks. The auto bailouts subsidize companies and unions that made self ... on their loan forms to subsidize people who were dishonest on theirs. These injustices are stoking [more...]

Date: 2009-02-20 12:05:00

Bill Heard Goes Down

As you may have heard, Bill Heard just filed for bankruptcy protection. Who is Bill Heard? The details: Bill Heard Enterprises Inc., the largest U.S ... like he took on too many bad loans: Industry analysts say, Heard couldn’t overcome what had become ... . Chevrolet auto dealership, sought bankruptcy protection, citing a declining automobile market [more...]

Date: 2008-09-29 18:30:22

GM Wants To File Bankruptcy, Suppliers Going Under, So Let’s Make NY Dilettante Steve Rattner Auto Czar

photo: New York Social Diary GM says the government either has to bail them out again or provide bankruptcy debtor-in-possession loans ... has walked away from the negotiating table.  The nation's auto suppliers are asking the Treasury for $18.5 billion in emergency aid to prevent the collapse of auto suppliers, or one million jobs could [more...]

Date: 2009-02-15 03:06:13

Why GOP Conservatives Should Let The Auto Bailout Happen

There's a solid argument for conservatives to not oppose the current auto bailout too strongly less they fall into a trap that could keep them in ... that makes the most sense. It's being called a "bridge loan" for a reason. Everyone knows what's coming ...  the American auto industry went down the tubes and the highly newsworthy blood of every [more...]

Date: 2008-12-11 14:10:23

Obama: Auto Bailout 'Necessary'

ABC News' Sunlen Miller Reports: In his fifth Chicago press conference in as many days, ... loans when he takes office – as groups such as the United Auto Workers are already upset over ... President-elect Obama addressed the auto bailout by the White House this morning in his opening [more...]

Date: 2008-12-19 21:17:09

It’s This Simple, No Bailout for Dumbasses

“Right” as in finally writing something from a conservative standpoint, ... . The financial bailouts reward bankers who took insane risks. The auto bailouts subsidize companies and unions ... who were honest on their loan forms to subsidize people who were dishonest on theirs [more...]

Date: 2009-02-21 01:49:16

New Oakland Toyota/Scion megadealer closes after two months

Filed under: Trends , Hirings/Firings/Layoffs , Earnings/Financials Just two months after opening the doors to its brand-new, 200, ... Toyota and Scion products, Nissan provided the loan for the new $36 million building). Without credit, the Superior Auto Group dealership was unable to do business. "I can't buy any more cars. Can't [more...]

Date: 2009-03-01 14:01:00

Nouriel piles on

Has Nouriel Roubini ever been on CNBC? That question just came to mind as he rattled off the many reasons why financial markets are likely to get ... , it was prime, it was home equity loans, it was CDOs, it was MBSs, commercial real estate, credit cards, auto ... up with 2 trillion dollars in credit losses. Of course, most of these financial institutions [more...]

Date: 2008-09-15 04:00:00

Carlos Ghosn says no more alliances for a while

Filed under: Nissan , Renault Renault-Nissan CEO Carlos Ghosn doesn't expect to see any more big auto alliances in the near future ... if they can get a loan at all. Until financial markets stabilize, most automakers wil simply be doing whatever [more...]

Date: 2009-03-02 13:58:00

GM gets first $4 billion in aid money, Chrysler waits

The $17.4 billion bridge loan package signed into action by President Bush late in December has begun disbursement, ... out plans for the rest of the auto industry, indicating parts suppliers could also be included in the loans [more...]

Date: 2009-01-01 09:04:00

DrumBeat: December 10, 2008

U.S. gasoline use to decline most since 1979-80 WASHINGTON (Reuters) - U.S ... opposition to auto bailout Republicans revolt as House begins procedural votes on the loan package [more...]

Date: 2008-12-10 13:52:25

Marchionne says Fiat can give Chrysler a fair chance

During his meeting with Obama’s auto task force, Fiat CEO Sergio Marchionne said that his company will “add value” to Chrysler through an alliance supported with government loans. After his meeting with Steve Rattner and Ron Bloom, advisers ... with the auto industry problems. “We think we are adding significant technology and products [more...]

Date: 2009-03-05 22:34:37

January's 'Comrade of the Month' Finalists

The Club just announced the finalists for our first ever "Comrade of the Month" award ... without them." Crist now wants to punish State Farm by kicking their auto insurance business ... when both companies were taking on more and more bad loans, which led to the current economic [more...]

Date: 2009-01-30 21:39:53

WSJ: New Bank Bailout May Cost $2 Trillion

From the Wall Street Journal: New Bank Bailout Could Cost $2 TrillionBy DEBORAH SOLOMON, DAVID ENRICH and JON HILSENRATH JANUARY 29, ... aid to auto makers and to homeowners facing foreclosure. TARP Participants See how TARP funds ... loans and distressed securities. The so-called "bad bank" that would buy these assets could [more...]

Date: 2009-01-29 05:03:30

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