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February 16th, 2009
11:08 PM ET

On the Radar: The CNN Money Summit

Cate Vojdik
AC360° Writer

Tuesday in Denver President Obama will sign the economic stimulus bill into law. Hours later on 360°, we'll bring you the CNN Money Summit. Anderson, Ali Velshi and the sharpest money minds will dissect the hefty piece of legislation. It's full of big numbers that raise even bigger questions about what it all means to you. Our experts will have the answers.

Tuesday is also the deadline for General Motors and Chrysler to give the government their restructuring plans. Sales are at a 26-year low. Both companies are staying afloat on government loans. If government officials decide the companies' plans don't pass muster, the loans get called back. All sides will have to make concessions. What will it take to for GM and Chrysler to convince the government they can become viable? A senior administration official said today the White House is creating a Presidential Task Force on autos to oversee the restructuring of the industry. Treasury Secretary Timothy Geithner and NEC Director Larry Summers will oversee the effort. Joe Johns digs deeper Tuesday night.

See you at 10 p.m. eastern.


Filed under: 360° Radar • Cate Vojdik
soundoff (14 Responses)
  1. Joey

    Sharon, I could't agree more on the auto bailout. I have a small business in northern wisconsin . If my business encounters a slow down in sales will the government be there to help me? NOT! As for GM they should fire everyone who has been contributing to making all of there gas guzzling suvs. I used to own an auto transport company 6 years ago and I remember talking to my father about why the automakers are continually making vehicles bigger and bigger. We had eleven car auto haulers and couldn't even fit 4 or five vehicles on an entire load because everything was so big and heavy.It didn't take a rocket scientist to realize even back then that the auto companies had there heads someplace where the sun doesn't shine.As for the unions, I would like to personally thank them in contributing to milking businesses dry both small and large. Joey , Northern Wisconsin

    February 17, 2009 at 5:19 pm |
  2. Art

    Hi Cate, I think the bailout money should have gone to working Americans. A women in another comment mentioned this. I have read several times, if true, that the consumer,us, is more than half of the economy. With that said, imagine millions of Americans with all this money to spend. I for one would purchase a new car. Maybe pay off or down my mortage. Maybe I would invest in some new and upcoming companys. I would certainly spend money locally on all kinds of businesses. But hey, I didn't get anything! Thanks for reading, Art

    February 17, 2009 at 10:46 am |
  3. Michael "C" Lorton, Virginia

    The government has approved another 789 billion-a doubling down -which in effect is not even going to a nat. Ironically, 84 billion dollars has been earmarked for oversight and transparency-that is the cost for the oversight-that sir is politicaly theft,

    February 17, 2009 at 9:07 am |
  4. meenas17

    Autos are in a quandary.Dissection and surgery are exercises that need great effort and minute monitoring.
    A precarious situation is on the anvil.

    February 17, 2009 at 7:41 am |
  5. J.V.Hodgson

    They should get the money provided the following are met
    1) sell off unprofitable overseas brands, binding committment to do so. And even profitable brands. use it to invest in green eco friendly technology and cars, American manufactures are way behind the 8 ball here.
    2) Labour and bond holders have to come into line with Overseas competitors local manufacturing labour terms or there is no future anyway, and bond holders have to pay thru taking equity because of past eccessive interest rate returns. As with labour they both have no realistic option as if they think so bankruptcy is the only answer managed or otherwise end result the same, if the company's are to survive.
    If they do not agree, when will you guys and them get it that Overseas competitors will need to produce more cars in US to replace GM and Chrysler ( out of busineess) which equals more employment on correct and realistic economic corporate viability terms.
    The stimulus re Buy American was criticised and now Unions and investors greed, is going to mean its impossible to buy American.
    The distribution laws in staes need to nationally codified and re-structured around that, its grown fat by being too protected and too much compensation needed to get it efficient, which has to be eliminated.
    Hope Summers and Geithner get the message!
    Regards,
    Hodgson.

    February 17, 2009 at 3:35 am |
  6. judianna strohl

    I think it's time to approach our economic troubles smarter.....we've went through the bottom line years where greediness was rewarded with pats on the back and money and loyalty and hard work were disregarded......now, is the time for all holding public positions to take serious pay cuts which would stimulated a pretty penny....on to teachers....paying more does not a good teacher make! We need teachers in the field for the love of it just the same with nurses. Our children can only be a smart as those who teach......not everyone has the capacity to be a rocket scientist, no matter how much education they receive. Our service based economy can't work! We need to manufature again!!! I'd like to know that we can make our own undies again!!! This is a first for this grandma, but I've watched tv for the last 20 plus years due to a disability and the approach everyone is taking is just to layoff more, and that's just wrong!!! Thanks for listening

    February 17, 2009 at 1:42 am |
  7. billy

    wanna help the big three?give the american people a stimulus package,we(the people) spend the money we control the economy.

    February 17, 2009 at 1:21 am |
  8. Alison

    I definitely am looking forward to seeing the money summit tomorrow night. So many questions that I have about the economic stimulus hopefully will be addressed.

    February 17, 2009 at 1:20 am |
  9. Ricky C Williams

    for all the REP that didnt vote should also not accept any funds from the bail out.

    February 17, 2009 at 12:02 am |
  10. Sharon S

    I have looked up the prices on these American companies and I was frankly taken aback at how expensive these autos are, it is beyond rediculous, I used to own 2 american made cars both a piece of junk and I vowed never to own another one!

    I prefer Japanese simply because they are better quality and you get more for your money! So why is it that these companies knowing these things went on their way making cheap cars but overpaying their employees and jacking up the prices on this junk they make!

    God you would think if you got paid $30 an hour to put a bolt in a hole the car would be made of gold or something but no its a piece of junk!

    Gas guzzling junk! That is what GM makes Junk!

    so NO I DO NOT want to hand them any money to bail them out and as for their employees maybe they should have been saving all that over the top wages they were earning, it was a lot more than most Americans made so don't expect sympathy from me!

    February 16, 2009 at 11:39 pm |
  11. Mari

    When everyone is scraping the piggy bank's bottom:

    Whatever stimulus comes, hope the stores don't jack up the prices. When money starts still trickling in, and daily needs are real, people can only keep it real. Real by being frugal. Discounted prices would be the best way to clear off those unsold inventories for some more time.

    February 16, 2009 at 11:39 pm |
  12. Sharon S

    Restructuring the of GM and Chrysler, well for starters fire the Heads of the companies, secondly, get rid of the Union, it is nothing more than an overpaid organization that is padding its own pockets and creating outragious wages for moderate workers!

    Now with that said, make these companies take responsibility for their actions, make them claim bankruptcy since that is the only way to rid themselves of the Union which is a big downfall for both companies!
    Then they can hire new heads to promote a healthy environment and hire employees who will be paid a fair wage but not anymore over the top wages!

    Next they can start working on making autos that the public will actually want to buy and keep the prices down now that the unions will no longer be sticking their noses into it, all the prices can be kept at a decent amount.

    Make cars that are not only good on gas but good for the environment!

    This is really not a hard thing to do I just don't understand why it is taking so long to figure this all out?
    I mean there is NO WAY I would give either of these companies one red penny until they agree to the above!

    It they do not then let them go their own way and sink because we teach our children that if they make mistakes their are consequences so why not teach our companies the same things?

    February 16, 2009 at 11:34 pm |
  13. joey

    Bailout , What bailout. I mean come on 13 extra dollars a week. Oh' I know I will buy 4 gallons of gas . Ha! Ha! Oh' yea crude oil is how much a barrel this week.

    February 16, 2009 at 11:30 pm |
  14. joey

    If our government helps home owners who are in default make up the difference in monthly morgage payments ,How can this be fair for those who are struggling to pay rent and also for those of us who busted are tails to pay our house off in recent years.

    February 16, 2009 at 11:27 pm |