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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.

Ken Block's 1965 Ford Mustang Hoonicorn RTR and CR Supercars Villain are retro done right

Gymkhana king Ken Block has had a pretty simple car history in his trademark videos, starting out with Subaru Impreza rally cars before moving into Ford Focus racers for the past four installments. His next video, though, Gymkhana Seven, kind of goes back in time.
Rather than the cutting-edge rally racers of past videos, Block will pilot a heavily modified 1965 Ford Mustang, called the Hoonicorn. How heavily modified is it? Well, Block's Hooligan Racing Division, ASD Motorsports and Vaughn Gittin Jr.'s RTR, spent two years working on it, ditching the standard engine and rear-wheel-drive layout and replacing it with a 410-cubic-inch Roush Yates V8. Yes, that's a NASCAR engine, and it produces 845 horsepower.
A NASCAR-powered Mustang would be news in itself, but it's the other powertrain changes made by Block and Co. that really makes headlines. Power is channeled through a one-off Sadev transmission and all-wheel-drive system, meaning that Block has basically married a NASCAR stock car with a WRC racer. ASD also developed the customized suspension, tubular chassis and roll cage. The wide Mustang body is the work of RTR and Block's own Hoonigan Racing Division, while the 18-inch fifteen52 wheels are shod in Pirelli Trofeo R tires that use a specialized compound exclusive to Block.

2014 Ford Fiesta ST priced from $21,400* [w/poll]

The 2014 model year brings a whole host of changes to Ford's Fiesta B-Segment fighter, the most important of which (to our enthusiast eyes, anyway) is the addition of a potent new ST model. The US-spec hot hatch was first shown at the 2012 Los Angeles Auto Show last November, and thanks to Ford's build-and-price site, we've now learned that the Fiesta ST will slide in at $21,400 when it goes on sale later this year (*not including $795 for destination).
Under the hood of the ST is a turbocharged 1.6-liter EcoBoost inline-four good for 197 horsepower and 214 pound-feet of torque, mated solely to a six-speed manual transmission. Ford hasn't released performance data on its pint-sized puncher just yet, but know that these numbers make the Fiesta ST ever-so-slightly more powerful than the larger Volkswagen GTI while returning an estimated 34 miles per gallon on the highway.
Elsewhere in the lineup, the standard Fiesta also gets a smattering of improvements for the 2014 model year, including a new 1.0-liter three-cylinder turbocharged engine and revised exterior styling. Pricing for the 2014 Fiesta sedan starts at $14,000, with the five-door model adding $600 to that number (again excluding the $795 destination fee).