Auto Execs Again Ask Congress for Money
Associated Press
Transcript
as we put our plan together it happens to be uh somewhat ironically GM Centennial year this year um we we we thought about our past and uh what that should mean for our future and we obviously have a lot of things that we're proud of uh there's a lot of Great accomplishments on the company's behalf and there are also mistakes um during our during our history um what we're trying to do is we put this plan together which we submitted earlier this week was to learn from both of those learn from our contributions our successes and and learn from our mistakes to make sure we didn't repeat the mistakes and we built on the contribution it used to be that we had too many suppliers and dealers now we are putting in place the right structure to maximize the efficiency and the profitability of all of our partners it used to be that we operated regionally European cars for Europe Asian cars for Asia American cars for the US market now we are leveraging our Global assets innovation technology and scale to deliver worldclass products for every Market it used to be that our goal was simply to compete now we are absolutely committed to exceeding our customers expectations for Quality fuel efficiency safety and affordability this is the Ford story we are more balanced we are more efficient we are more Global and we are really focused in short we are on the right plan plan becoming a profitable growing company Chrysler is requesting a$7 billion loan to bridge The Current financial crisis in an exchange Chrysler is committed to continue our restructuring including negotiating cost-saving concessions from all constituents invest in fuele efficient cars and trucks that people want to buy and begin repayment of the government loan in 2012 I also want to reinforce the need for Chrysler Financial to receive immediate immediate assistance from tarp as their continued Vitality is a critical assumption in our plan
Dec. 4: Stocks Tumble Anew on Employment Fears
Associated Press
Transcript
[Applause] a period of relative calm on Wall Street ended in the last hour of trading Thursday as stocks tumbled amid growing anxiety about the November employment report a late session decline followed a decent run for stocks which have closed higher in seven of the last eight sessions Traders at the New York Stock Exchange say several factors weighed in on the day's activities we're getting through the beginning of the month you know where new money comes into this market and things of that nature so I think you know maybe that might be drying up for the moment and we have a big number coming out tomorrow the unemployment number which mean all the other economic news has been coming out this whole week has been basically negative and very negative so the fact that the Market's been acting as well as it has been acting over the last several days is pretty impressive the uncertainty surrounding the future of the Auto industry intensified during the afternoon as lawmakers confronted top Executives from four GM and Chrysler over their pleas for an expanded $34 billion rescue package in general it it's more of a worry regarding the tone uh that would be sent to Main Street as well as to Wall Street should one or more of these companies go out of business the Dow Jones Industrial Average fell 215 points to close at 8376 broader stock indicators also were lower the S&P 500 down 26 to 845 and the NASDAQ Composite shed 47 to end the day at 1446 Friday's employment report is expected to show a further deterioration in the job market economist expect employers to have cut another 320,000 jobs during November pushing the jobless rate to 6.8% Mark hamri the Associated Press
GM Chief Arrives at Capitol Hill in Hybrid
Associated Press
Transcript
please quter well the the Auto industry is an important one for the economy and and obviously it's under tremendous pressure in part because of the global financial crisis so we put forth a plan which we think adjust our business to to a smaller Market um but I think it's very important for the us to have a home team in This Global Auto industry we're going to be changing Technologies like the one you see here and it would be a shame for the US to fall out of that race because BAS basically the technology development is almost all cases done in the market where the compan is domiciled and so I think having a company like GM which has tremendous technical depth is going going to be very important huge job creation opportunities um goes really across the entire country so we we're sorry to be asking for this support we wish wish the market conditions were better they're not so this is what we need to do
Lawmakers Question Renewed Bid for Auto Bailout
Associated Press
Transcript
the heads of the three major auto companies drove up in alternative fuel vehicles in A Renewed push to convince Congress to approve a bailout we're here today because we made mistakes which we're learning from because some forces beyond our control have pushed us to the brink and while they blame the recession and the lack of credit for their current situation they also acknowledged their old business approach was flawed we produced more Vehicles than our customers wanted and then slash prices hurting the residual values of those vehicles and hurting our customers now we are aggressively matching production to meet the true customer demand the head of the UAW warned that without the money GM could go out of business by month's end a major part suppliers said that could kick off a terrible Chain Reaction once cascading supply chain interruptions begin many suppliers will fail due to the interdependence of that supply chain in the two weeks since their last appearance here the industry's loan request has jumped from $25 billion to $34 billion what changed and why we should believe the that things will get better as our economy continues to contract and several Senators wondered if the Auto industry needs more money than they're asking for 34 billion is is probably just the beginning is that correct I think that's a high probability all the automakers stress they will repay the loans with interest within a few years they just need the money to get through the current economic weakness but they face a rough and uncertain Road the White House opposes the bailout surveys show that most Americans don't like it and Senate Majority Leader Harry Reid says there aren't enough votes right now to get it through Congress bodlander the Associated Press Capitol Hill
Money Minute: RMN, Bailout, Retail Sales
Associated Press
Transcript
AP money minute the Securities and Exchange Commission says the government must build an exit strategy that includes taxpayer protections for its massive Financial rescue plan The Stance Echoes calls made by the FDIC earlier this week and lawmakers are starting to press the administration for details on a plan the SEC is not directly involved in the bailout efforts but does oversee many operations of the banks that receed billions in taxpayer funds retailers limp through a miserable November that even a surge of shopping after Thanksgiving couldn't save Goldman Sachs says its November index of same store sales was down 2.7% the Dismal showing marks the weakest month since at least 1969 and heightens fears the critical holiday period could be the worst in decades the Rocky Mountain news Colorado's oldest newspaper is up for sale the scripts own paper says it lost about $1 million in the first N9 months of the year Cincinnati based script said in a statement that if no acceptable offers emerge by January it will examine other options but gave no details I'm Mark Hamrick with a money minute
Your Money: Defining a Recession
Associated Press
Transcript
[Music] in the last few months you may have found it a bit odd that the financial press often referred to the likelihood of a recession when it seemed really abundantly clear that times were tough well the recession became a reality this month and what that means is that the economy isn't officially in a recession until it's declared by the uh nonprofit research organization called the National Bureau of economic research technically as a small group of seven members within the organization called the business cycle dating committee that makes the call on recessions and they Define a recession as a significant decline in economic activity that spread across the economy and that last uh more than a few months which is normally visible in gross domestic product real income employment industrial production and uh wholesale and Retail trade so why did it take so long to declare a recession well the committee chooses to make its decision understandably only on the most uh up-to-date revised economic data and that can take more than a year to to Crunch the numbers
Auto Bailout Looks Like A Bust
CBS
Transcript
the heads of the big three automakers drove their environmentally friendly cars to Washington they are back on Capitol Hill today seeking billions in emergency government funds but the Democratic leader of the Senate warns the votes aren't there yet CBS News correspondent Thalia assuris is on the hill this morning good morning Thalia good morning Maggie well the auto Chiefs may have traveled the highway to Contrition by driving here this time but they still have to persuade Congress to help them and it seems they have a steep road to climb their appearance couple of weeks ago corporate Jets fueling the way was a public relations disaster it's almost like seeing a guy show up at the soup kitchen and high hat and Tuxedo now the automakers are trying to polish their image and push their pleas to the public ahead of the hearings this is Main Street this is jobs I am more excited today of being at Ford than when I was when I arrived and the reason is that we are making such great progress those on the assembly lines whose jobs are at stake are making concessions to help help their employer case including modifying a contract that's only a year old the word concessions I used to cringe at that word but now why hide from it with that on the table too lawmakers will Grill the auto Chiefs on their new turnaround proposals in hearing starting today still as they plead for even more cash $34 billion versus the original 25 even supportive Democrats aren't sounding especially generous I don't think however we're obliged to a blank check nor will I support that president-elect Barack Obama may end up inheriting the problem and said Wednesday he wants to hear more this time out uh the executives from these auto makers are putting forward a more serious uh set of plans then again the current Administration could throw a wrench into the works sticking to an already agreed upon separate $25 billion fund for upgrading vehical efficiency we think that Congress should take a look at the bipartisan Way Forward that we put that we put to them which was to use the money that they've already allocated for it we think so there's a lot writing on the testimony starting today and if there is a bailout the next big ba battle will be over where that money will come from Maggie CBS is St shur on Capitol Hill thanks Balia
Auto Execs Arrive in Style
CBS
Transcript
good morning thanks for coming out uh had a chance to drive over in this uh pre-production version of the Chevy volts got the actual uh drivetrain that will be in the production vehicle obviously still in development and test and it's on the same size platform that the Vault will actually be although not with the same design what you see in the in the version to to the left Rick how confident are you that you're going to get what you need here well I think we put forth a very good plan we look forward to the chance to explain it and answer questions on it and certainly hope that we'll get the support we're asking for it the American people many of them look at this and say no matter if you come in a corporate jet or a hybrid vehicle it is not the role of the taxpayer to bail out any company it it should it just should be decided by the market well the the Auto industry is an important one for the economy and and obviously it's under tremendous pressure in part because of the global financial crisis so we put forth a plan which we think adjust our business to to a smaller Market um but I think it's very important for the us to have a home team in This Global Auto industry we're going to be changing Technologies like the one you see here and it would be a shame for the US to fall out of that race because basically the technology development is almost all cases done in the market where the company is domiciled and so I think having a company like GM which has tremendous technical depth is going going to be very important huge job creation opportunities um goes really across the entire country so we we we're sorry to be asking for this support we wish wish the market conditions were better they're not so this is what we need to do all right I need access to this door okay everybody stop stop stop morning good morning everyone stop let me say uh I'm really excited about being here today to uh testify again uh I come here representing over 1 million people that are dependent upon Chrysler I look forward to participate with the rest of my colleagues uh here in the Auto industry that really a affect over three million people across this country hardworking men and people who are either directly uh working for one of the three auto manufacturers in Detroit or whose livelihood depends upon supporting our industry I can tell you in my 38 years of business I've never attended a more import important session where more is relying upon uh both the house and the Senate hopefully making an informed decision on the factual data that we've provided and understanding the systemic impact of not providing the funding that we're requesting uh not only on the Auto industry but across a broad range of Industries uh affecting our economy and certainly this downward spiraling effect that we're seeing in the Auto industry so thank you for your support I want to thank all the people in America that uh understand the importance of today's and tomorrow's decision in the future in the livelihood not only of themselves but for the US Auto industry we definitely want to be a competitor among states and a competitor among nations thank you very much thank you [Music] are you looking forward to the discussion
Stocks Rally After Wall Street Plunge
VOA News
Transcript
encouraging signs for the economy Tuesday as a Dow Jones Industrial Average closed more than 3% higher the Dow plunged nearly 700 points Monday after the National Bureau of economic research confirmed the US economy was already in a recession investment strategist Darius kowalik says many investors are bracing for the worst it seems that the recession in which the world is finding itself is going to be pretty deep and quite protracted and that's why investors are mark down their expectations regarding earnings and stock prices have to fall but there was renewed optimism on Tuesday as top Executives at Ford Chrysler and General Motors prepare to return to Capitol Hill some investors believe this time us automakers will get the $25 billion in loans they're asking for parts manufacturer Tom Bar says the federal aid is critical for the companies to survive the big three not uh advancing any their future programs they're actually putting them on the back burner new figures released this week show us Car Sales have declined more than onethird since last year all three automakers have responded by submitting new plans to Congress GM's proposal contains the most significant restructuring including the elimination of some well-known Brands Chrysler plans to cut its Workforce by 25% and Ford says it hopes to accelerate production of its electric cars Senate banking committee chairman Chris DOD says lawmakers will be looking for specifics we need to have a lot more more cander going on here from companies that I think have a false notion about the willingness of Congress to write checks for them Auto Executives were severely criticized on their last visit to Washington for flying in from Detroit in private jets while pleading for a government handout new hearings are scheduled for Thursday the CEO say this time they'll leave the corporate Jets behind Millar Sega vaa news