The Auto Industry’s 15 Billion Point Turn

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Below is a guest blog entry by Nomi Prins:

Perhaps jarred by the November unemployment report, Congress offered a $15 billion olive branch to the Detroit Three Friday night. (Note: You can keep calling them the Big Three if you want, but it’s a bit of a misnomer these days, isn’t it?)

The loan, stressed House Leader Nancy Pelosi (D-CA), will provide “short-term and limited assistance” to the D-3, though there is some ambiguity about what she meant. She also promised the money would be repaid “within a matter of weeks.” But given the absence of inventory movement, and lack of cash flowing through the D-3’s books, it’s not clear exactly how that’s going to happen.

Nonetheless, this loan will allegedly keep the auto industry on a ventilator until March, when the Obama administration and new Congress can take another pass at determining what to do. Until that point, the auto-execs will supposedly go about executing their multi-hundred page restructuring plans. Will they address the core problems that plague the auto industry? Let’s hope.

—Nomi Prins

Nomi Prins is a former Wall Streeter and frequent contributor to Mother Jones.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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