WSJ: Obama nixes auto suppliers’ request for aid
Thursday, June 18th, 2009 by admin
According to The Wall Street Journal, President Obama has taken a pass on granting auto parts suppliers’ request for $10 billion in aid, leaving the financially-strapped companies to seek succor from Congress instead.
While the president’s administration says it will keep a wary eye on the state of the industry, no more federal aid appears to be in the cards. As quoted in the WSJ, Neil De Koker, president and CEO of the Original Equipment Suppliers Association says that he thinks the government won’t financially intervene further “unless we see chaos or a disorderly situation arising where have assembly-line shutdown due to lack of ability to get parts or stuff like that, then we would relook at this situation…”
While the industry’s highest-profile bankruptcy have undoubtedly been that of General Motors and Chrysler, major suppliers like Karmann, Visteon and Metaldyne have also filed in recent months, and industry watchdogs see the potential for many more red ink stained white flags to be erected before the industry’s economy recovers.
[Source: The Wall Street Journal | Image: Saul Loeb/AFP/Getty]
Winnipeg authorities are all “Lookie! Crashes are down at the intersections equipped with our spiffy new red-light cameras,” but Manitoba Public Insurance and the Winnipeg Sun newspaper are all: “Stop lying!” Winnipeg says its 12 intersections equipped with the electronic sentinels have seen a 37% reduction in crashes since 2002. MPI and the WInnipeg Sun beg to differ, however, saying that insurance claims tell a markedly different, more complete story.

At first blush, the city of Birmingham’s decision to pull out of its official relationship with the Woodward Dream Cruise doesn’t strike us as a big deal. After all, 40,000 or so classic cars are expected to descend on the historic Woodward Avenue just south of the Motor City whether Birmingham has representation on the Dream Cruise’s Board of Directors or not. Officials representing the Cruise, though, don’t quite agree with this assessment.