Bailout for the auto industry; other economic woes

United Auto Workers president Ron Gettelfinger spoke Friday at a news conference in Detroit. "They thought . . . they could . . . pierce the heart of organized labor," he said.
United Auto Workers president Ron Gettelfinger spoke Friday at a news conference in Detroit. "They thought . . . they could . . . pierce the heart of organized labor," he said.
Posted: December 14, 2008

The Treasury Department on Friday said it stood ready to rescue the U.S. auto industry, capping another week of historic stresses on the economy.

"They thought perhaps they could have a twofer here maybe: Pierce the heart of organized labor while representing the foreign brands." - United Auto Workers president Ron Gettelfinger, on the collapse of negotiations with the Senate for

a $14 billion bailout

"For God's sake, I hope the president acts." - Mayor Virg Bernero of Lansing, Mich.

"GM already is bankrupt and should file for bankruptcy." - David Littman, senior economist for the Mackinac Center for Public Policy in Midland, Mich.

"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry."

- White House press secretary Dana Perino

"I see a lot of people who are worried about whether they can afford to keep their horses."

- Chester County horse trainer Melvin Dutton, on hard times among

the equine set

"As long as we are considering an Armageddon type of scenario, our hands are going to be tied for new funding in private equity."

- Mark Boyle, head of private equity at Northwestern Mutual Life Insurance Co.

"In its considered judgment and in view of current circumstances, it would be a dangerous step to release this otherwise confidential information."

- Jennifer J. Johnson, secretary for the Federal Reserve's Board of Governors, on the Fed's refusal to disclose the recipients of more than

$2 trillion of emergency loans from U.S. taxpayers


Compiled from The Inquirer, Associated Press, Bloomberg News, and Financial Times.

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