AFSCME 3357-HOF'S BLOG

Auto News While I Was Out

I took a blogging holiday over Christmas & New Year. What happened while I was indisposed? General Motors and Chrysler recieved $4 billion each, just enough to tide them over until President Obama takes over. The big soap opera involved GMAC. GM wanted to be a bank. The government said that to be a bank, 75% of GM's debt had to be restructured. GM couldn't do that, but the government said, in essence, that they weren't really serious about that whole 75% thing, and let GMAC join the bank club anyway. Gas prices fell to about $1.39 per gallon, but are now up to $1.79. Still, that's less than half of last summer's $4.00 peak.