Detroit Tries to Make its Case, Again
Today's the first day of round two for Detroit.
Detroit's Big Three automotive chiefs have come back to Washington to try to make a stronger case for a government bail out of their industry. This time, they drove instead of flying in the corporate jet (hybrid vehicles, in fact). They came armed with new business plans and pledges to go green and cut costs. But now they're looking for more money. (If they keep having to come back to Washington, will the price tag only get larger?)
In case you missed our coverage of Ford chief executive Alan Mulally's visit to the Post yesterday, you can read about it here.
We'll be following the first of two days of hearings. The Senate banking committee kicks things off at 10 a.m. today. Tomorrow, it's the House's turn.
But before all of that, November retail sales figures will be out this morning, giving us a sense of whether Black Friday helped lift sales at all last month, in what could be one of the worst holiday shopping seasons in years.
Also this morning, the Bank of England has slashed its interest rate by one percentage point to 2 percent and Sweden's central bank cut rates by 175 basis points, also to 2 percent. The European Central Bank is expected to announce an interest rate cut later this morning.
During the hearings, we'll also keep an eye on Federal Reserve chairman Ben Bernanke, who is giving a speech at a mortgage conference in Washington.
Check back here for live updates all day.
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December 4, 2008; 7:22 AM ET
Categories: The Ticker | Tags: Alan Mulally, Detroit bailout, automakers
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