Post Tagged with: "Detroit Free PRess"

Cartooning the Pay Day in Washington, DC! Chrysler Repays Bailout Debt

May 25, 2011 at 12:08 pm

(Source: Detroit Free Press)

Mike Thompson of Detroit Free Press (Freep.com) has nicely captured the sentiments of the American public (at least, the sensible ones) about Chrysler repaying the $5.9 billion bailout money.  God knows how much bickering will happen when the political leadership decides to spend it on other programs.

Image courtesy: Free.com - Mike Thompson: Taxpayers get their money back from Chrysler

Note: For what it is worth, I’d also add this: It is nice to see the taxpayer $$ safely return to the government’s coffers, unlike what happened with some of the Wall Street beneficiaries.  This timely intervention from the U.S. Government not only prevented an American icon from vanishing without a trace, but it also saved thousands of jobs in a city that is already reeling from some really bad economic decisions.

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Controversial “Cash-For-Clunkers” bill reportedly tacked on to Climate Change bill

May 20, 2009 at 6:01 pm

(Source: Autobloggreen & Detroit Free Press)

It seems that calls from House Majority Leader Steny Hoyer (D-MD) and Senate Majority Leader Harry Reid (D-NV) to fast track the Cash-For-Clunkers bill through the legislative process may have fallen on deaf ears. According to the Detroit Free Press, the somewhat controversial bill will be tacked on the much broader Climate Change bill that’s currently being drafted by the House Energy and Commerce Committee.

 Ohio Rep. Betty Sutton’s amendment made it onto the American Clean Energy and Security Act, the legislation being marked up this week by the House Energy and Commerce Committee. Approved by a vote of 50-4, the amendment provides a voucher of up to $4,500 for trading in an old, lower mile-per-gallon vehicle to purchase a new one.

The measure wouldn’t favor domestic vehicles over those made by companies based overseas but it has incentives for trucks and sport-utility vehicles which could be of particular help to American automakers. President Barack Obama and key House Democrats agreed on the provisions contained in the amendment at a recent White House meeting.

U.S. Rep. John Dingell, a Dearborn Democrat and staunch advocate of domestic automakers, said the cash-for-clunkers amendment, if passed, “will result in meaningful reductions in vehicle fleet carbon emissions and fuel consumption, all while providing much-needed stimulus for our ailing automakers.”

According to a fact sheet from earlier this month, the measure would:

-• For passenger cars, provide a voucher for new ones with mileage of at least 22 miles per gallon, as long as the car being traded in gets 18 mpg or less. If the mileage of the new car is at least 4 m.p.g. higher, the voucher is worth $3,500. If the mileage of the new car is 10 m.p.g. more or better when compared to the old vehicle, the voucher is worth $4,500.

-• For light-duty trucks and sport-utility vehicles, provide a voucher for new vehicles getting at least 18 m.p.g. The old vehicle must get 18 m.p.g. or less. If the new vehicle gets at least 2 m.p.g. more than the old, the voucher is worth $3,500. If the new vehicle gets at least 5 m.p.g. more than the old, the voucher is worth $4,500.

-• For large light-duty trucks, including pick-ups and vans weighing 6,000 to 8,500 pounds, new vehicles with mileage of at least 15 m.p.g. are eligible for vouchers. If the new truck gets at least 1 m.p.g. than the old, the voucher is worth $3,500; if it gets 2 m.p.g. or more, the voucher is worth $4,500.

-• Consumers can trade in pre-2002 work trucks – defined as a pickup or cargo van weighing 8,500 to 10,000 pounds – and receive a $3,500 voucher for a new work truck in the same work class or small. There will be a limited number of these vouchers, however. While there is no EPA mileage standard for these vehicles, it is believed that newer models are cleaner and run more efficiently than older ones.

Click here to read the entire article.

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Attention Job Seekers: Are you sufficiently intellectually and professionally nimble? If so, Obama’s Auto Task Force would like to hire you

March 23, 2009 at 6:22 pm

Government’s Auto Task Force is hiring, looking for Wall Street experience

(Source: Autoblog)
Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there’s no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family members cannot currently own any stock in the Detroit automakers or serve on any of the D-3’s boards of directors. Would-be applicants would also need to be “sufficiently intellectually and professionally nimble,” whatever that means, and have 8-12 years of experience on Wall Street.
According the Detroit News, the source of the Autoblog article,   “Harry J. Wilson, a new member of the task force, recently sent an e-mail that circulated on Wall Street, seeking applicants for up to four jobs on the autos team. The task force’s findings will help chart the government’s role in the future of the U.S. auto industry.  That message said the team was looking for up to two hires in each of two job categories: principal/vice president level and associate/analyst level. Candidates should have eight to 12 years experience and be “sufficiently intellectually and professionally nimble.” The analyst would have “the same skills,” with less experience.

“Our team is quite small,” said Wilson, formerly of Silver Point Capital and the Blackstone Group, in the March 13 e-mail obtained by The Detroit News. “The work is incredibly intense. The amount of work is massive, the timelines are tight and the level of focus is also very high.”

Click here to read the entire article. 
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Obama administration works on U.S. fuel rule

March 5, 2009 at 12:57 pm

State standards could be supplanted

(Source: Freep.com, Detriot Free Press)

WASHINGTON — Even as his administration moves toward allowing California and other states to set limits on vehicle fuel economy, President Barack Obama has begun crafting a new national standard that will likely supplant the states’ efforts.Hello again, cheap gas

The moves would allow the president to fulfill a campaign promise to let the California limits take effect while addressing the chorus of concerns from a financially beleaguered U.S. auto industry about meeting a so-called patchwork of state-level greenhouse gas controls, in addition to federal fuel economy rules.

The rules are different but the effect is similar — greater fuel efficiency from vehicles leads to reduced emissions.

The administration has raised the idea for a national limit as part of its talks with Detroit automakers and suppliers for additional aid, an administration official said Wednesday.

“The president believes that one national policy for autos would provide the industry with certainty while achieving our environmental and energy independence goals,” the official said, speaking on condition of anonymity.

The California rules would have little immediate effect on automakers if adopted, but the standards would toughen annually through 2020.It´s the economy, stupid!

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