{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='US car companies appeal for $25 billion bailout' data-url='/boclips/videos/5c54c3a0d8eafeecae162ad5' data-video-url='/boclips/videos/5c54c3a0d8eafeecae162ad5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUS car companies appeal for $25 billion bailout\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of General Motors Corporation Chief Executive Officer (CEO), Rick Wagoner, Chrysler LLC CEO, Bob Nardelli, Ford Motor Company CEO, Alan Mulally and United Auto Workers President, Ron Gettelfinger sitting down2. Cutaway Wagoner,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of General Motors Corporation Chief Executive Officer (CEO), Rick Wagoner, Chrysler LLC CEO, Bob Nardelli, Ford Motor Company CEO, Alan Mulally and United Auto Workers President, Ron Gettelfinger sitting down\u003cbr/\u003e2. Cutaway Wagoner, Nardelli, Mulally, Gettelfinger\u003cbr/\u003e3. Close-up of Wagoner\u003cbr/\u003e4. SOUNDBITE: (English) Congressman Paul Kanjorski, Democrat from Pennsylvania: ++start of soundbite overlaid by previous shot++\u003cbr/\u003e\"Maybe I'm dense or something Mr. Wagoner; I don't quite understand what the hell you just told me.  Can't you just tell me in absolute terms, how much money do you need to survive. General Motors from today until March 30th.\"\u003cbr/\u003e5. SOUNDBITE (English), Rick Wagoner, General Motors Corporation CEO:\u003cbr/\u003e\"Congressman it's going to depend on what happens with suppliers and markets.\u003cbr/\u003e(Kanjorski: I understand that give me, your worst case scenario.)\u003cbr/\u003eWorst case scenario, the amount of money would be significant, we have supplier... of four or five billion dollars every month.\u003cbr/\u003e(Kanjorski: Since you anticipate borrowing 15 to 18 billion dollars under this authorisation, if the market doesn't turn around, and the economy doesn't recover by that time, and I think you have to be a wishful thinker to think it will, by March 30th you're out of money. Is that correct?)\u003cbr/\u003eThe analysis we've done is based on an assumption is that the US markets continues at about the current rate, which is week level.  We don't assume a lot of recovery, we hope it won't get worse.  On that basis, we would with the amount of funding that proportionately would presumably allocated to us, we think we have a good shot to make it through next year.\"\u003cbr/\u003e6. Cutaway Nardelli speaking\u003cbr/\u003e7. SOUNDBITE: (English) Bob Nardelli, Chrysler LLC CEO:\u003cbr/\u003e\"The overall amount in cost of financing the restructuring would be significantly higher in a chapter 11 process than the working capital bridge that we are requesting here today. And finally, we cannot be confident that we will be able to successfully emerge from bankruptcy.\"\u003cbr/\u003e8. Cutaway Mulally speaking\u003cbr/\u003e9. SOUNDBITE: (English) Alan Mulally, Ford Motor Company CEO: \u003cbr/\u003e\"We at Ford are hopeful that we have enough liquidity but we also must prepare ourselves for the prospect of further deteriorating economic conditions in 2009.  In addition, the collapse of one of our competitors would have a severe impact on Ford and our transformation plan.  Because a domestic auto industry is highly interdependent. It would also have a devastating ripple effect across the entire US economy.\"\u003cbr/\u003e10. SOUNDBITE: (English) Barney Frank, Chairman, House Financial Services Committee: ++soundbite starts on wide shot, zoom-in to Frank++\u003cbr/\u003e\"I have been struck, not happily, in the time that we have been discussing this, at what frankly seems to be an inherent cultural bias.  There's a double standard here; aid to blue collar employees has been judged by a standard different than white collar employees.\"\u003cbr/\u003e11. Wide shot Senate floor\u003cbr/\u003e12. SOUNDBITE:(English), Harry Reid, Senate Majority Leader:\u003cbr/\u003e\"Congress need do nothing.  Treasury can put whatever restrictions they choose on that.  So I hope that we can pass legislation to aid the auto industry this next day or two, that if we can't do it here legislatively, I would hope that the Secretary of Treasury would listen loud and clear because they could take this into their own hands and do what I think is appropriate from their perspective.\"\u003cbr/\u003eAP Television \u003cbr/\u003e13. White House press secretary Dana Perino walks to pod\u003cbr/\u003e14. SOUNDBITE: (English) Dana Perino, White House Press Secretary:\u003cbr/\u003e\"Well, Senator Reid appeared to foreshadow this morning that the Congress will fail to address this issue before they leave.  And I would like to make a few points clear on that.  One, there is legislation that's been introduced by Senators Bond (Kit Bond of Missouri) and Voinovich (George Voinovich of Ohio) that the administration supports. That proposal would re-direct existing funds already appropriated for the auto industry rather than spending an additional 25 billion dollars on top of the 25 billion dollars we already support.\"\u003cbr/\u003e15. Cutaway Perino\u003cbr/\u003eDetroit's Big Three automakers returned for a second day to the US Congress, to plead for a 25 (b) billion dollar lifeline to save their companies from collapse.\u003cbr/\u003eGeneral Motors Corporation Chief Executive Officer (CEO), Rick Wagoner told the House Financial Services Committee in Washington that the collapse of the US auto industry could lead to a loss of three million jobs within the first year and ripple throughout communities around the nation.\u003cbr/\u003eIn sometimes contentious testimony, Wagoner was pressed by Democratic congressman Paul Kanjorski from Pennsylvania on when GM would run out of money if the loans weren't extended.\u003cbr/\u003eHe said he couldn't say precisely, but that the company now was burning through \"five billion each month\".\u003cbr/\u003eStill, with the 25 (b) billion emergency package, \"we think we have a good shot to make it through this,\" Wagoner said. \u003cbr/\u003eHe anticipated that, if the package is approved, GM would qualify for about 10 (b) to 12 (b) billion dollars of the money.\u003cbr/\u003eChrysler LLC CEO Bob Nardelli rejected suggestions that the automakers should seek Chapter 11 bankruptcy protection similar to airlines that later emerged restructured and leaner. \u003cbr/\u003eEarlier on Wednesday, Senator Richard Shelby, the senior Republican on the Banking Committee, said he did not believe there would be a turnaround in the industry until its top management is ousted and its manufacturing operations are revamped.\u003cbr/\u003eShelby is a proponent of chapter 11 bankruptcy for the big three.\u003cbr/\u003eFord Motor Company CEO Alan Mulally said the three automakers are highly interdependent and that their collapse would have a \"devastating ripple effect across the entire US economy.\"\u003cbr/\u003eAt  the House Financial Services Committee hearing, Chairman Barney Frank pointedly suggested that a congressional bias exists to the extent that lawmakers seem more inclined to intervene to help white-collar bankers than blue-collar auto workers.\u003cbr/\u003eMeanwhile at the US Senate, the top Democrat sought on Wednesday to lower expectations for legislation this week to help endangered domestic carmakers, saying it would be the Bush administration's job to save the industry if Congress doesn't.\u003cbr/\u003e\"The Congress need do nothing\" if it can't agree on a bill to speed 25 (b) billion in new loans to the industry, Senator Harry Reid of Nevada told colleagues. \u003cbr/\u003eWhile he told the Senate he still hoped lawmakers could agree to an auto deal in the \"next day or two\" of the current session, he added: \"If we can't do it here legislatively, I would hope that the Secretary of Treasury would listen loud and clear because they could take this into their own hands and do what I think is appropriate from their perspective.\"\u003cbr/\u003ePresident George W. Bush and Republicans in Congress have been reluctant to use the Treasury Department's 700 (b) billion dollar financial bailout programme to finance the loans. \u003cbr/\u003eAnd White House press secretary Dana Perino said the Bush administration would support a proposal from Republican Senators George Voinovich of Ohio and Kit Bond of Missouri that \"would re-direct existing funds already appropriated for the auto industry rather than spending an additional 25 (b) billion dollars on top of the 25 (b) billion dollars we already support.\"\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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