Effects of the 2008-2010 Automotive Industry (Paperback)

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Beginning in the latter half of 2008, a global-scale recession adversely affected the economy of the United States. A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in the United States auto industry in 2008 and 2009. Following dramatic drops in automobile sales throughout 2008, each of the "Big Three" U.S. automakers: General Motors, Ford Motor Company, and Chrysler, requested emergency loans in order to address impending cash shortages. By April 2009, the situation had worsened such that both GM and Chrysler were faced with imminent bankruptcy and liquidation. With the intent to prevent massive job losses and destabilizing damage to the entire manufacturing sector, the U.S. and Canadian governments controversially provided unprecedented financial bailout support to allow the companies to restructure and jettison legacy debt via Chapter 11 bankruptcy. Both companies separately filed for this protection by June 1.