We’re following the presidential press conference underway now; details of the plan are not yet available, will provide those as soon as we can obtain them.

While these plans may help the automotive industry limp through the first quarter of 2009, the financial crisis is spreading to peripheral businesses. We have anecdotal evidence of layoffs at a Caterpillar plant and at a Delco parts plant announced within the last 24 hours; both facilities produce vehicle components.
 
UPDATE 9:12 a.m. –
Chrysler has already issued a statement thanking the administration for its action.

Financial industry taking note of “binding” terms in the agreement regarding concessions and other steps necessary as part of the aid package.

UPDATE 9:31 a.m. —
There is chatter among financial industry news outlets that President Bush has also asked Congress to release the remaining $350 billion approved for the Troubled Assets Recovery Plan (TARP), from which funds for the auto industry aid package will be pulled. No indication yet whether the aid package is dependent upon the release of the additional TARP funds.

Stay tuned.

(Disclosure: members of the author’s family are employed by vendors to the Big Three.)