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Revisiting the 2008-09 auto bailout that saved GM and Chrysler

The Federal Reserve stayed open late on December 31, 2008. There's almost no way you could remember that because barely anyone knew at the time. But General Motors had to pay its bills, and the Fed wired money so GM could still buy things in January. Without those funds, the nation's largest automaker wouldn't have seen much of 2009. It's one of many heart-stopping moments that illustrate just how close Detroit's Big Three came to extinction nearly a decade ago. They're chronicled in a new movie, Live Another Day, premiering in theaters September 16. Filmmakers Bill Burke and Didier Pietri interviewed nearly all of the key executives, federal officials, and union chiefs to recreate the auto industry's most perilous period. The movie begins in the aftermath of Lehman Brothers' demise amid the global financial meltdown. Things looked bleak for American carmakers, and their CEOs were laughed off Capitol Hill when they sought a Wall Street-style bailout. "It was a feeling that it was the end of the world," Pietri told Autoblog in an interview where he and Burke previewed the film. Saved by last-minute loans authorized by the Bush Administration after Congress refused to act, Detroit staggered into 2009 with a faint pulse. Live Another Day illustrates the downward spiral that played out that winter as President Obama and his task force – with little prior knowledge of the auto industry – wrestled over the fate of hundreds of thousands of jobs. GM's longtime CEO Rick Wagoner was fired in March. Fiat CEO Sergio Marchionne suddenly appeared as a savior for Chrysler, with his own motives. Obama rejected restructuring plans from the automakers. Chrysler declared bankruptcy on April 30. GM followed June 1. The sequence was very public, but Pietri and Burke showcase lesser-known events that shaped the outcome. They also seek to dispel the notion that the government rescued GM and Chrysler from incompetent leaders. "We never subscribed to the theories that the management structures of the companies were a bunch of idiots who didn't know what is going on," Pietri said. At one point, Chrysler executives were negotiating with Marchionne and Fiat. Unbeknownst to them, the government was having its own talks with the Italian automaker. The filmmakers also cast light on the bankruptcy process, which was shredded to shepherd two of America's industrial icons through reorganizations.

Mazda Turnpike in Japan shut down for racing

The people behind Motorhead Magazine in Japan clearly have some friends in high places. Not only did they manage to shutdown eight kilometers of the Mazda Turnpike up the Hakone mountain, but they invited some of the country's premiere racers to take a drive up the hill. This wasn't just a Sunday cruise either. Featuring a BMW Z4 from the Super GT series, a classic Ford GT40, two flavors of Nissan GT-R and two takes on the Subaru Impreza WRX STI, these guys came ready to run. When an opportunity to let racecars challenge a curvy mountain road presents itself, you don't squander it. Thankfully, the folks at Motorhead knew that and outfitted the course with a plethora of cameras and high-quality sound equipment to capture the action. The result is nothing short of sublime. Take the video's urging to turn up your speakers for this one, and watch as these racers hit ludicrous speeds in a beautiful place never meant for them. News Source: japanmotorhead via YouTube, Jalopnik Aftermarket Motorsports BMW Ford Nissan Subaru Racing Vehicles Performance Videos ford gt40 super gt

Project Ugly Horse: Part VI

Solid axle? What solid axle?
I was fully prepared to embark on a seven-day journey down a rabbit hole of broken bolts, internet hearsay and consternation.
This should not have gone this easily. Having a long and checkered history of simple projects punctuated by much wailing and gnashing of knuckles, I was fully prepared to embark on a seven-day journey down a rabbit hole of broken bolts, internet hearsay and consternation when I finally decided to lay hands on the '89 Mustang with the goal of relieving the car of its stock rear axle. Instead, it took less than a full morning's worth of work to carve the old 7.5-inch solid axle from its moorings and mock up something, well, different.