May 7th, 2009
Congressman Don Manzullo (R-IL) today said the stress tests the Administration gave to America’s major lending institutions will actually make it more difficult for manufacturers to get the credit they need to recover and put Americans back to work.
Â
Manzullo, a member of the House Financial Services Committee, said the Administration’s call this afternoon for Bank of America and other major lending institutions to stockpile tens of billions more to avert future downturns means those dollars will not be available for manufacturers who desperately need the money to survive and thrive.
Â
Manzullo appeared on Fox Business News earlier today to discuss his concerns with the bank stress tests. Click on the video below to watch his appearance:
Â
<http://manzullo.house.gov/Components/Redirect/r.aspx?ID=15028-719754>
Â
May 7th, 2009
In watching the news about the buys and sell in the world auto industry, I thought it might deserve a summary ’cause it’s making my head spin. Here’s some of the latest:
Fiat, who owns the Fiat, Alfa Romero and Ferrari car lines is as we know, buying Chrysler. They are also possibly bidding for GM’s European car lines, Opel in Germany and Vauxhall in the UK. No doubt they’ll want to sell the Alfa Romeo and possibly the Fiat cars in the US. They also own IVECO, a highway truck operation and we’ll probably see these coming down the road too.
GM is shopping the Hummer and SAAB.
Renault, the French auto company controls Nissan of Japan and Samsung of South Korea is angling for GM’s Saturn made here in the US.
China is looking to possibly acquire SAAB made in Sweden. They might even take and build it in China with lower labor costs.
Ford, who owns Volvo, is coming out with a battery-electric car by 2011 and will transform its Michigan plant making SUV’s into making its Focus.
Maybe they should all get together and have common frames, engines, transmission and just change the sheet metal exterior. Think of the costs savings!
