automotive bailout of 2008

The 2008 automotive bailout was a government effort to prevent the collapse of major car manufacturers, specifically General Motors and Chrysler, during the financial crisis. These companies faced massive losses, declining sales, and potential bankruptcy, which could have led to thousands of jobs lost and economic instability. The government provided emergency loans and financial assistance to help them restructure, era averted collapse. This intervention aimed to stabilize the auto industry, protect jobs, and support economic recovery, with the expectation that the companies would eventually repay the aid and continue operations.