Earth Equity News

Lifeline for Automakers Dangles Just Out of Reach. By Kendra Marr and Lori Montgomery, WashPost, October 22, 2008. "A $25 billion loan program rushed through Congress to revive the nation's ailing domestic auto industry may not deliver any money to Detroit for more than a year, federal officials said, prompting concern that the cash may come too late to prop up one of the country's most important manufacturing sectors... Federal officials have said it would take months to finalize the rules for distributing funds. The loan program has emerged as a lifeline as the global financial crisis has made it more difficult for people to get loans, sending car sales plummeting to a 15-year low... The loan program has emerged as a lifeline as the global financial crisis has made it more difficult for people to get loans, sending car sales plummeting to a 15-year low... The loan package, the largest government subsidy for the auto industry since the 1979 Chrysler bailout, is intended to aid production of more fuel-efficient cars... Retooling has become more difficult as the financial crisis has frozen credit markets... In addition to making sure any new facilities comply with environmental regulations -- a process that could take months -- Energy officials said they must abide by the Congressional Review Act, which prevents a regulation from being implemented until 60 days after the next Congress convenes in January."