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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.

Curtain officially comes down on Mercury as dealers remove signage

The process of shutting down the Mercury is complete. Ford officially made the decision to close its mid-level brand in June of 2010. In the months that followed, Ford offered its dealers money to stop selling the cars, with production shutting down in September. The last Mercury, a Mariner, rolled off the assembly line in the beginning of October and former spokesperson Jill Wagner said her good-byes to both the car and her job. Now the last piece of the brand has come down as dealers are removing any and all Mercury signage from their lots.
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Ford Shelby GT350R sets 7:32.19 Nurburgring lap time

It was over a year ago that the Chevy Camaro Z/28 clocked a Nurburgring lap time of 7 minutes and 37.47 seconds, propelling itself up the leader boards as the fastest American muscle car to lap the infamous Nordschleife. But now word has it that another piece of Detroit iron has clocked an even faster time. According to Evo, the new Ford Shelby GT350R Mustang has lapped the Green Hell in a blitzkrieg 7:32.19. That's more than five seconds faster than the Z/28, and propels the GT350R into proper supercar territory: incrementally quicker than the Ferrari 458 Italia and in league with lap times posted by the Nissan GT-R (though not the fastest Godzilla has clocked over the years). With output quoted at "more than 500 horsepower and more than 400 lb-ft of torque," and no 0-60, quarter-mile or top end figures revealed to date, this marks the first genuine measure of performance we've seen for the track-focused pony car - though the numbers have yet to be officially confirmed. The GT350R packs a 5.2-liter V8 unburdened by 130 pounds of excess weight – helped along by carbon-fiber wheels coated in Michelin Pilot Sport Cup 2 rubber. Related Video: