- New York Times: “The rapidly deteriorating finances of General Motors are forcing the federal government to decide whether to bail out the largest American automaker or face the prospect that it might go bankrupt.”
- GM Announces $5 billion in Additional Liquidity Enhancement Initiatives: “GM has taken a host of aggressive self help actions to improve its business, but additional support from the U.S. government to aid the auto industry during this industry downturn is essential. The company has engaged in discussions with various U.S. federal government agencies and Congressional leaders about the important role that the domestic automotive industry plays in the U.S. economy, and the need for immediate government funding support given the economic and credit crisis and its impact on the industry, including consumers, dealers, suppliers and manufacturers. Many in the government have acknowledged the important role of the industry in the national economy and the discussions are ongoing; and at this point, their outcome cannot be predicated with certainty.”
- “General Motors today announced its financial results for the third quarter of 2008, reflecting rapidly deteriorating market conditions in the U.S., slowdowns in other mature markets around the world, and continued losses at GMAC Financial Services (GMAC). During the third quarter the turmoil in the global credit markets resulted in the worst financial crisis in more than 70 years. The upheaval has had a dramatic impact on the auto business in particular, especially in the U.S. and Western Europe.”
- Research Memo: The Impact of the U.S. Economy of a Major Contraction of the Detroit Three Automakers
- DOE: “[November 5, 2008] the U.S. Department of Energy issued an Interim Final Rule that implements the Advanced Technology Vehicles Manufacturing Incentive Program authorized by section 136 of the Energy Independence and Security Act of 2007 (EISA). The FY09 Continuing Resolution provided DOE with funding to make up to $25 billion in direct loans to eligible applicants for the costs of reequipping, expanding, and establishing manufacturing facilities in the United States to produce advanced technology vehicles, and components for such vehicles. These vehicles must provide meaningful improvements in fuel economy performance.”
- Related postings on the financial system
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Daily Archives: November 7, 2008
CBO: Monthly Budget Review, November 2008
Monthly Budget Review, November 2008 – Based on the Monthly Treasury Statement for September and the Daily Treasury Statements for October, released November 7, 2008 “The federal government recorded a total budget deficit of $455 billion in fiscal year 2008, $293 billion more than the deficit incurred in 2007. The federal deficit rose as a… Continue Reading
WB: US$1.01 Billion to Strengthen the Private Housing Finance Markets in Mexico
News release: “The World Bank Executive Board of Directors (WB) approved today a loan of US$1,010 million for the Federal Mortgage Corporation (SHF). The objective of the project is to strengthen the SHF´s financial and technical ability so it may carry out its mission of developing the housing financing market, with an emphasis on expanding… Continue Reading
FTC Submits Report to Congress on Do Not Call Improvement Act of 2007
News release: “The Commission has approved the Report to Congress Under the Do Not Call Improvement Act of 2007 (2007 DNCIA) [Pub. L. No. 110-187, 122 Stat. 633 (2008)], signed into law on February 15, 2008. The report, which is mandated under the 2007 DNCIA, contains information on the Commissions efforts to improve the accuracy… Continue Reading
New GAO Reports: Financial Audit of Federal Debt. Federal Research, Nation's Long-Term Fiscal Outlook
Financial Audit: Bureau of the Public Debt’s Fiscal Years 2008 and 2007 Schedules of Federal Debt, GAO-09-44, November 07, 2008: “in response to the nation’s growing financial crisis, on October 3, 2008, the President signed into law legislation authorizing the Secretary of the Treasury to purchase up to $700 billion in troubled assets from financial… Continue Reading
World Bank: Global Financial Crisis and Implications for Developing Countries
World Bank: Global Financial Crisis and Implications for Developing Countries, G-20 Finance Ministers Meeting São Paulo, Brazil “The current financial crisis has evolved differently from other major crises that have hit the developing world in recent decades. Not only is it occurring in a world of unprecedented financial globalization, where the financial sector plays a… Continue Reading
GAO: 2009 Congressional and Presidential Transition
“Following each presidential election, GAO serves as a resource to assist with the transition to a new Congress and administration. On this Web site, Serving the Congress and the Nation, using its institutional knowledge and broad-based, nonpartisan work on matters across the government spectrum, GAO provides insight into, and recommendations for addressing, the nations major… Continue Reading
Average Energy Prices in the Washington-Baltimore Area, July 2008
“Washington-Baltimore area consumers paid more for utility (piped) gas (19.4 percent) and electricity (9.2 percent) than the U.S. city average, while the price of gasoline (-0.8 percent) was slightly below the average price for the nation in July 2008 as measured by the Consumer Price Index (CPI), the Bureau of Labor Statistics of the U.S.… Continue Reading
DHS OIG: Technical Security Evaluation of DHS Activities at Los Angeles International Airport
Technical Security Evaluation of DHS Activities at Los Angeles International Airport, October 2008, (58 pages, PDF, Redacted): “This report addresses the strengths and weaknesses of the implementation of technical and information security policies and procedures at DHS components located at Los Angeles International Airport, California. It is based on interviews with employees and officials of… Continue Reading
Research Memo: The Impact of the U.S. Economy of a Major Contraction of the Detroit Three Automakers
Center for Automotive Research (CAR) – The Impact of the U.S. Economy of a Major Contraction of the Detroit Three Automakers, by David Cole, Ph.D., Chairman, Sean McAlinden, Ph.D., Vice President for Research, Kristin Dziczek, Senior Project Manager, Debra Maranger Menk, Project Manager, November 4, 2008 “The automotive industry has long been, and continues to… Continue Reading
