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Wharton and other experts explain why the $80 billion bailout of GM and Chrysler in 2009 was the right decision for the U.S. economy and the auto industry. They discuss how the bailout helped the industry recover, become more competitive and avoid a domino-effect collapse.
With the intent to prevent massive job losses and destabilizing damage to the entire manufacturing sector, the U.S. and Canadian governments provided unprecedented financial bailout ($85 billion) support to allow the companies to restructure and jettison legacy debt via Chapter 11 bankruptcy.
The 2008–2010 automotive industry crisis formed part of the 2007–2008 financial crisis and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry .
Dec 19, 2018 · On this day in 2008, President Bush announced a $17.4 billion bailout to GM and Chrysler, diverting funds from the Troubled Asset Relief Program. The rescue effort cost taxpayers $10.2 billion and ended in 2014, while Trump threatened to cut off subsidies to GM in 2018.
Nov 13, 2018 · The podcast explores the pros and cons of the $80 billion TARP funds that saved GM and Chrysler from bankruptcy in 2008. It features interviews with economists, policymakers and auto industry experts who weigh in on the impact of the bailout on jobs, economy and competition.
Jun 2, 2009 · Read an unbiased history of Major Events for GM, Ford, Chrysler, Toyota, and Honda from 1970 to the present.
Mar 29, 2019 · Updated 12:56 PM EDT, Fri March 29, 2019. Link Copied! New York CNN Business — Ten years after the US government saved automakers with a massive bailout, the industry is healthier than it has...
