One Step Ahead
So the auto bailout is, in fact, getting a bailout. But it didn't happen the way I said it might. That's ok, though -- the only real government bailout for Detroit actually guaranteed to happen at this point is coming from a place few were looking.
From yesterday's Detroit News:
The Swedish government presented a 28 billion kronor ($3.4 billion) support package Thursday to help the nation's ailing auto industry. ... Carmakers Volvo and Saab have been appealing to the government for support because of the financial woes of their U.S. owners, Ford Motor Co. and General Motors Corp.
The Swedish government said its support package was needed to safeguard "the continued success of the Swedish automotive industry," even if the industry's crisis deepens. It also called for quicker development of green technology.
And from the Wall Street Journal today (sub req'd):
One in every five cars sold in Sweden last year was a Volvo and Saab is the exclusive supplier to King Carl XVI Gustaf ... But while Thursday's promise of a 28 billion Swedish kronor ($3.44 billion) aid package offers Sweden's car-makers a lifeline, it may not be enough to ensure their long term survival.
Sound familiar?
(EVAN McMORRIS-SANTORO)
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