1973 Ranchero, 351c-4bl, Automatic, Ps/pb, Factory A/c, Calif. "blue-plate" Car on 2040-cars

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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.

Ford GT racer sounds wicked during testing at Sebring

The Ford GT racecar is still deep in development ahead of a much-anticipated trip to the 24 Hours of Le Mans next year. If the sound in this clip is any indication, the honing of this racecar is going quite well. Like any proper racer, you hear the GT rumbling well before it enters frame, but then the beauty comes into view at Sebring with a massive rear wing and an even bigger diffuser. Rather than an ear-piercing shriek, the 3.5-liter EcoBoost in the GT sounds like a grumbling monster. The previous development video from Ford Performance hints at this angry exhaust note, but it's on full display here. Thankfully race fans around the world get to hear this wonderful noise when the GT hits the track next year. Two of them are competing in the United SportsCar Championship, and two more are in the FIA World Endurance Championship. All of the members of this quartet are also lining up at Le Mans, too. Hearing them making this wonderful growl together should be a major highlight of motorsports in 2016. Related Video:

Ford files patent for 11-speed transmission

The automatic transmission seemed limited to three or four gears for decades, and then the automotive world slowly started to see more ratios becoming available. Today, seven-, eight- or nine-speed gearboxes have become rather common. Ford even has an automatic with 10 gears on the way for the future F-150 Raptor. The Blue Oval might not be done yet, though, because the company also now has a patent on an 11-speed box. The filing, which was discovered by AutoGuide, says this idea "produces eleven forward speed ratios and one reverse speed ratio by selective engagement of three shift elements in various combinations," and the company outlines three different ways of making this possible. The advantage of adding one more ratio is that the gearbox should be able to keep the revs in the ideal portion of the engine's torque curve even longer. Obviously, automakers patent ideas constantly, and applying for one is no guarantee that the tech ever arrives on the market. Conversely, these documents provide a tiny glimpse at one of the brand's focuses of development. If you're mechanically minded or just curious, you can read the entire application here for the technical nitty-gritty.