December 21, 2004

Today in Automotive History 1979

Today in Automotive History

1979 U.S. Government Rescues Chrysler

The U.S. Congress approved $1.5 billion in loans to the financially threatened Chrysler Corporation in an effort to save the battered automotive giant. President Jimmy Carter signed the bill on January 7, 1980. Under the stewardship of Lee Iacocca, Chysler rebounded quickly. By the late 1980s, the automaker was posting record profits.

P.S. - I remember seeing the commericals with Iacocoa in them during this time. He starred in commericals to reassure everyone that they would pay off their debts. Iacocoa talks heavily about this time in his 1st autobiography. It's probably the most interesting chapters of the whole book and he describes in detail the very scary times that they were.

Posted by Quality Weenie at December 21, 2004 08:16 AM