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On December 19, George W. Bush announced that he had approved the bailout plan, which would give loans of $17.4 billion to U.S. automakers GM and Chrysler, stating that under present economic conditions, "allowing the U.S. auto industry to collapse is not a responsible course of action."
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
During 2007, nearly 2 million new U.S. cars were purchased with funds from home equity loans. Such funding was considerably less available in 2008. [ 103 ] In addition, stock prices fell as shareholders worried about bankruptcy; GM's shares fell below 1946 levels.
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...
WASHINGTON (Reuters) -The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles ...
The transition team calls for clawing back whatever funds remain from Biden’s $7.5 billion plan to build charging stations and shifting the money to battery-minerals processing and the "national ...
The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
The loan program was authorized under section 136 of the Energy Independence and Security Act of 2007, which provided the program with $25 billion in loan authority, supported by a $7.5 billion appropriation to fund the credit subsidy, or the 30% risk profile expected for projects of this type. To qualify, automakers and eligible component ...