After failing to get its debt-for-stock offer approved last week, and missing the June 1st deadline for concessions from creditors and its union, GM will file for bankruptcy later today. Reuters notes that its filing will be the third-largest in U.S. history, after Lehman Bros and Washington Mutual, and the largest ever in manufacturing.
President Bush has approved a $17.4 billion auto bailout, with $13.4 billion in emergency loans to prevent the collapse of GM and Chrysler and another $4 billion to be handed out in February.
Forbes magazine has put together a list of America’s most stressful cities and as a product of Chicago, the winner of the dubious distinction of being America’s most stressful city, I have this to say: “Yeah, so? Shut up and let me eat my hot dog in peace for once, goddamn it. No, I’m not yelling. Why are you always saying that I’m yelling? It’s not like you never yell! Pass the sport peppers before this gets ugly.”
Things are looking pretty bleak in parts of Detroit these days. In fact, you can get a house for $1. Yes, that’s right. A house.
When you fly an ultra low budget airliner, you expect ultra low service, but even under that business model, it seems reasonable to assume that calling customer service won’t take you to a phone sex line. Reader Barbara would agree. She writes:
An affordable electric bike that can go 18 mph for over 20 miles, but isn’t sold online or in stores? Detroit, you clever fox, you’ve done it again!
The foreclosure numbers for the first half of 2007 are in and Stockton, California leads the pack with 1 out of every 27 homes foreclosed on in 2007. Second is Detroit, with 1 in 29 and coming in third, Las Vegas with 1 in 31.
Jane Waun sued Spirit Airlines in the small claims division of 54B District Court in East Lansing, Mich., as a last resort this spring after trying unsuccessfully to resolve her beef with the airline directly.
Bad consumer. Bad bad bad. — BEN POPKEN
Straight outta Compton:
Despite the rant we posted yesterday from Lori Green of GM, it appears that Detroit car manufacturers are slowly beginning to take actual measure of criticism directed at them. The Tennessean has an article up detailing how Detroit automobile companies are learning that they ignore bloggers’ criticisms at their peril.
Jessica says: I always get a guilty pang of pleasure when I return home for the holidays, if only because it means I can do my shopping in the luxury of a temperature-controlled mall and haul my purchases in an oh-so-convenient car (moving to New York has made my suburban roots seem like a charming novelty, rather than the root of 20-something years of muffled rage). So, like many a dutiful American, I spent the day after Baby Jesus’ birthday at the Rodeo Drive of metro Detroit, the Somerset Collection. The “Collection” is behemoth high-end mall that spans both sides of the street, connected by moving walkways to cart you from J.Crew to Tiffany to Burberry to the Gap. Obviously, the place is total hell on December 26.