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Abandoned automobiles

05 Apr 2009 - Preaching the News for Sunday

Rick Wagoner, forced by the Obama administration to resign as head of General Motors Corporation (GM) on Monday, might relate to the psalmist's lament, "My God, my God, why have you abandoned me?" The administration put both GM and Chrysler on notice that they won't get another round of federal aid unless they come up with a more aggressive restructuring plan, and has made it clear they're prepared to let the companies fall into bankruptcy. Fritz Henderson, GM's new chief executive, said Tuesday that more of the automaker's plants could close and bankruptcy is "more probable" as GM works to meet new, tougher requirements for government aid. In his first news conference as CEO, Henderson said he expects GM would "need to take further measures" beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month. GM also is likely to offer another buyout program to workers as it looks to cut labor costs, Henderson said. In an effort to increase sales, GM launched a "Total Confidence" program that will make car payments for customers who lose their jobs through no fault of their own. Ford Motor Co. announced a similar program Tuesday. Meanwhile, sales of new vehicles in the U.S. fell dramatically in March but picked up in the month's final week, giving automakers reason to hope the market may be at or near its bottom. "We think we're getting close to turning the corner," Ford's senior United States economist, Emily Kolinski Morris, said. Michael C. DiGiovanni, GM's chief sales analyst, said vehicle sales could start improving even before the overall economy does, provided consumers begin to see positive signs like more stable home prices. Source: Articles by Nick Bunkley for the New York Times and Kimberly S. Johnson and Tom Krisher for the Associated Press

automakers emily kolinski morris cars total confidence bankruptcy fritz henderson general motors corporation rick wagoner bailout chrysler ford michael c digiovanni

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The wheels come off

07 Jun 2009 - Preaching the News for Sunday

In this Sunday's reading from the Book of Deuteronomy, Moses marvels at God's creative activity in the world, asking, "Did anything so great ever happen before? Was it ever heard of?" Americans who grew up in an era when General Motors was the undisputed king of the global automobile industry marveled at the sight of the iconic corporation filing for bankruptcy protection Monday. GM's bankruptcy capped a frenetic few months in which the Obama administration scrambled to salvage GM as well as Chrysler LLC, the country's first- and third-largest car makers, at a cost to taxpayers of more than $62 billion. The bankruptcy filing represents a dramatic downfall for GM, founded in 1908 by William C. Durant, who brought several car companies under one roof and developed a strategy of "a car for every purse and purpose." GM officials, however, portrayed the bankruptcy as an unprecedented opportunity to reverse decades of decline. GM said it would close 17 factories and parts centers and cut 20,000 more jobs by the end of 2011 in Michigan, Indiana, Ohio, Tennessee, and other states. The government-orchestrated shrinkage will cost taxpayers $30 billion, on top of $20 billion in U.S. funds already put into the company. In exchange the U.S. will own 60 percent of the new GM. The government has needed to take ownership stakes in private enterprises during the economic crisis, President Obama said Monday, "for the simple and compelling reason that their survival and the success of our overall economy depend on it." GM, which hasn't made a profit since 2004, declared in its filing that it had $172 billion in debt and $82 billion in assets. Chief Executive Frederick "Fritz" Henderson appealed to consumers to "give us another chance." Source: Articles by Neil King Jr. and Sharon Terlep for the Wall Street Journal, Peter Whoriskey, Tomoeh Murakami Tse, and Kendra Marr for the Washington Post, and Dan Strumpf and Kimberly S. Johnson for Associated Press

general motors bailout bankruptcy gmc obama administration william c durant frederick henderson

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“Hour of Power” goes sour

24 Oct 2010 - Preaching the News for Sunday

Jesus tells a story of pride and humility in this Sunday’s gospel. From the “exalted will be humbled” file this week comes news that Crystal Cathedral Ministries, a glittering Southern California landmark and megachurch founded by television evangelist and “prosperity preacher” Robert H. Schuller, filed for Chapter 11 bankruptcy Monday. The ministry faces $55 million in debt because of the economy and dwindling contributions, which has forced the church to downsize its staff, cancel “Hour of Power” programming in certain markets, and even send home choir and orchestra members. The church lost the support of many members in the wake of a family feud after Schuller retired. His son, Rev. Robert A. Schuller, succeeded his father but stepped down in 2008 after disagreements. His sister is now the church’s leader. Hundreds of U.S. churches have defaulted on loans and even filed for bankruptcy as they struggle to pay debts leftover from a historic building boom now that a deep economic downturn has cut into offerings. Source: Articles by Deepa Bharath for The Orange County (California) Register and by Reuters

bankruptcy churches crystal cathedral robert schuller

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