An Insider Account of the Obama Administration's Emergency Rescue of the Auto Industry

Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry

by Steven Rattner

4.2 out of 5

Language	:	English
File size	:	6503 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	373 pages

FREE

The financial crisis of 2008 sent shockwaves through the global economy, leaving a trail of devastation in its wake. Amidst the turmoil, the U.S. auto industry teetered on the brink of collapse, threatening millions of jobs and the nation's economic well-being.

In this captivating book, Steven Rattner, a key figure in the Obama Administration's National Automobile Policy Council, provides an unprecedented insider account of the emergency rescue that saved the auto industry.

The Gathering Storm: The Auto Industry's Road to Crisis

Rattner paints a vivid picture of the years leading up to the crisis, highlighting the factors that contributed to the industry's decline. From rising healthcare costs to increased global competition, the automakers faced a perfect storm that left them vulnerable to the economic downturn.

A Pivotal Moment: The Obama Administration Takes Action

In January 2009, as the crisis deepened, President Barack Obama recognized the urgent need to intervene and save the auto industry. He appointed a National Automobile Policy Council, led by Steven Rattner, to develop and implement a rescue plan.

The Rescue Plan: A Bold Gamble

Rattner and his team faced an immense challenge. They had to craft a plan that would prevent the collapse of the Detroit Three (General Motors, Chrysler, and Ford) while protecting the interests of taxpayers and promoting long-term viability in the auto industry.

The rescue plan, known as the Troubled Asset Relief Program (TARP),allocated billions of dollars in loans to the automakers. In return, the government took ownership stakes in the companies and imposed strict conditions on their operations.

The Road to Recovery: Challenges and Success

The implementation of the rescue plan was far from smooth sailing. Rattner recounts the challenges and controversies that arose along the way, including opposition from Congress, labor unions, and the general public.

Despite the setbacks, Rattner and his team remained steadfast in their commitment to saving the auto industry. By 2013, General Motors had repaid its TARP loans in full, and Chrysler was on its way to profitability. Ford, though it did not receive any TARP funds, also benefited from the industry's recovery.

Lessons Learned: Insights for the Future

Rattner's account offers valuable lessons for policymakers and business leaders alike. He emphasizes the importance of decisive action in the face of crisis, the need for collaboration between government and industry, and the crucial role of transparency and accountability in managing public funds.

The Obama Administration's emergency rescue of the auto industry stands as a testament to the transformative power of government intervention in moments of economic peril. Rattner's insider account provides a captivating and informative glimpse into this pivotal event.

Whether you're a student of economics, history, or simply interested in understanding one of the most significant events of the 21st century, this book is an essential read.

Free Download Now

Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry

by Steven Rattner

4.2 out of 5

Language	:	English
File size	:	6503 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	373 pages

FREE