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On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
The U.S. auto industry was profitable in every year since 1955, except those years following U.S. recessions and involvement in wars. U.S. auto industry profits suffered from 1971 to 1973 during the Vietnam War, during the recession in the late 1970s which impacted auto industry profits from 1981 to 1983, during and after the Gulf War when ...
The amendment was rejected via a vote of the House of Representatives on September 29, 2008, voting 205–228. [7] Supporters of the plan argued that the market intervention called for by the plan was vital to prevent further erosion of confidence in the U.S. credit markets and that failure to act could lead to an economic depression.
Feb. 10, 2009: Stress tests and other conditions for TARP bailout funds weigh heavily on markets despite the Senate's passage of an $838 billion stimulus bill. The Dow closes at 7,888.88, down 4.6 ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
TARP allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes ...
The predictable result: a 39-56 vote that probably overstates the popularity of Paul's proposal—how many would vote for it if they believed it actually had a chance of passing, one must wonder.
In December 2008, Gordon came under fire from Tennessee conservatives for failing to vote on the auto bailout, stating that his failure to vote was due to a "technical glitch" in the voting system. [5] In March 2010, Gordon announced that he would vote in favor of the Senate Health Care bill. [6]