Ford, Chrysler and General Motors: With Hats in Hand
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The Big Three are launching a big push for a Washington bailout. If Democrats and Republicans can't resolve their differences, will the auto industry still be in business when the White House changes hands? Also Treasury Secretary Hank Paulson tells the Congress the bailout is making progress, and warships from the US and other navies couldn't prevent the biggest haul yet by pirates off the Horn of Africa.
Banner iamge: (L-R) Chrysler Group CEO Tom LaSorda, Ford Motor Company CEO Alan Mulally, General Motors CEO Rick Wagoner and UAW President Ron Gettelfinger participate in the Senate Democrats Manufacturing Summit on Capitol Hill last year. Photo: Chip Somodevilla/Getty Images
Paulson Tells Congress the Bailout is Making Progress ()
The $700 billion bailout was known as TARP, the Troubled Assets Relief Program. It's gone from buying the troubled assets of banks to buying part of the banks themselves. On Capitol Hill today, Treasury Henry Paulson said he's required to adjust to changing circumstances. Ryan Alexander is president of the nonpartisan group that calls itself Taxpayers for Common Sense.
- Ryan Alexander: President, Taxpayers for Common Sense
Will Congress Save Detroit? ()
The CEO's of the Big Three are putting the pressure on Democrats and Republicans. GMAC is running full-page newspaper ads headlining "The Auto Industry Matters" and warning about the ripple effects if plants close and laid off workers can't feed their families or pay taxes. Backed by organized labor, they want a federal bailout, but there's no consensus on how or whether to save them. Democrats, Republicans and the Bush White House may let Barack Obama pick up the pieces, even though GM may go bankrupt before he takes office. With CEO's and labor leaders marching on Capitol Hill, we get a progress report. We also learn about Joe Lieberman's punishment for supporting John McCain.
- David Shepardson: Reporter, Detroit News, @davidshepardson
- Harley Shaiken: Professor of Labor, UC Berkeley
- Darren Samuelsohn: Senior Reporter, Environment and Energy Daily, @dsamuelsohn
- Jane Hamsher: Founder-Editor of FireDogLake.com
- Ed Kilgore: Managing Editor, Democratic Strategist, @ed_kilgore
- James Kirchick: Assistant Editor, The New Republic
Somali Pirates Hijack Oil Tanker in Brazen Raid ()
After Somalia pirates seized a Ukrainian ship loaded with weapons, the US, Russia and the European Union all sent warships to patrol the Indian Ocean. That was in September. Now, a much larger ship has been taken, much further off shore. The Chairman of America's Joint Chiefs of Staff says he's "stunned" by this latest act of piracy, an oil tanker as long as three football fields that has been seized off the coast of Africa and anchored near Somalia. Borzou Daragahi reports for the Los Angeles Times.
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