Automaker Updates

Well, it looks like George W. Bush is throwing a hissy fit, and dragging his feet on an auto bailout. My guess is that he wants to show that he still has relevance....Even though he doesn't.

In any case, Toyota just signaled its displeasure with the Senate filibuster by delaying the completion and opening of a new plant in Mississippi indefinitely, which is a pretty clear indicator about how the transplant automakers feel about having their supply chain cut too.

I imagine that they are getting some frantic calls from state officials, and I imaging that potential supply chain issues if GM goes under have come up.

In the mean time, it appears that GMAC swap holders have agreed to changes that may allow it to become a bank holding company, which means that they can sign up for one of the 11 new Federal Reserve sh$#pile for cash programs its offering banks.