Effects of the 2008–10 automotive industry crisis on the United States | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Effects_of_the_2008%E2%80%9310_automotive_industry_crisis_on_the_United_States


00:02:55 1 Background
00:07:02 2 Industry and labor statistics
00:08:13 2.1 Hourly wages and benefits
00:12:09 2.2 Jobs bank costs
00:14:11 2.3 Number of brands
00:15:14 2.4 Number and control of dealerships
00:15:50 2.5 Bondholders
00:18:28 3 Economic impact
00:18:38 3.1 Claims that failure would be harmful to economy
00:20:11 3.2 Claims that failure would not be harmful to economy
00:22:22 3.3 Restructuring process alternatives
00:22:51 4 Bankruptcy and alternatives
00:23:50 4.1 Arguments in favor of Chapter 11 bankruptcy
00:25:17 4.2 Arguments against Chapter 11 bankruptcy
00:26:29 4.3 Feasibility of a prepackaged Chapter 11 bankruptcy
00:27:09 4.4 Government facilitated sale of assets
00:28:02 4.5 Government facilitated restructuring
00:28:45 4.6 Arguments against government intervention
00:30:45 4.7 Changes to management and board
00:31:04 4.8 Mergers
00:31:38 4.9 Comparison with British Leyland
00:32:35 5 Federal government bailout process and timeline
00:36:23 5.1 Congressional bailout bill
00:37:16 5.2 Senate rejects bailout
00:38:00 5.3 Bush approves bailout
00:40:13 5.4 Presidential task force on the auto industry
00:40:52 5.5 Second bailout
00:41:51 5.6 Obama address to joint session of Congress
00:42:48 5.7 Chrysler bankruptcy
00:43:17 5.8 General Motors bankruptcy
00:45:38 5.9 Amount of investment
00:46:16 6 Image issues
00:46:34 6.1 GM advertisement: an apology and a recommitment
00:47:14 6.2 November 19, 2008 Congressional hearing
00:49:10 6.3 Hybrid electric vehicle usage
00:49:51 6.4 Non-ecological past practices
00:50:55 6.5 Bond ratings downgraded
00:51:37 6.6 Lobbying and other financial ties between Big Three and Congress
00:53:33 7 Corporate turnaround proposals and strategies
00:53:45 7.1 Products: electric and hybrid vehicles
00:57:45 7.2 Production capacity: factory closings
00:58:13 7.3 GM will invest $1 billion of bailout money in Brazil
00:58:40 7.4 Brand consolidation
00:59:26 8 See also



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SUMMARY
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Beginning in the later half of 2008, a global-scale recession adversely affected the economy of the United States.  A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in the United States auto industry in the years of 2008 and 2009.
Following dramatic drops in automobile sales throughout 2008, two of the "Big Three" U.S. automakers – General Motors (GM), and Chrysler – requested emergency loans in order to address impending cash shortages.  By April 2009, the situation had worsened such that both GM and Chrysler were faced with imminent bankruptcy and liquidation.  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.  Both companies separately filed for this protection by June 1.
General Motors emerged from bankruptcy as a new company majority owned by the United States Treasury, and Chrysler emerged owned primarily by the United Auto Workers union and by Italian automaker Fiat S.p.A..  Both companies terminated agreements with hundreds of their dealerships and GM discontinued several of its brands as part of bankruptcy proceedings.  Ford Motor Company was able to survive without entering bankruptcy partly due to a large line of credit which it obtained in 2007.
The U.S. automakers were more heavily affected by the crisis than their foreign counterparts, such as Toyota.  Following the 2000s energy crisis, the U.S. automakers failed to produce more fuel-efficient vehicles as opposed t ...