NYT Tips Hat To Jalopnik On "Carpocalypse," Chrysler's Woeful Product Future [Carpocalypse Now]

In-crowd kids already knew "Carpocalypse" was the hip term for the current state of the domestic automotive industry. Now, even the NYT's using it. But they're not the only ones. Feeling self-referential? You betcha.

Coming just a day after we used it ourselves on the air at CNBC, our little turn-o-phrase is making itself known in other media outlets. Our little term-of-the-day made it's way into an article on the front page of the 'ol gray lady, in addition to a quick quip-of-a-quote from yours truly in Micki Maynard's piece today discussing Chrysler's leaked future product plans.

But we're not the only outlets. It seems our friends at Slate have given us a hat tip as well. Just remember where you read it first, faithful readers. In the meantime, head over to the NYT and Slate to see it in the bright and glitzy lights. Pretty soon everyone'll be using it and then it'll be on American Apparel t-shirts and SNL sketches. Oh well, that's the price of celebrity, ain't it?

All we know is, we're pleased as punch to see the word "carpocalypse" written anywhere.

Where it wasn't written was over on Motor Trend, but that's a piece of a different sort. As usual, Todd Lassa hits the nail on the head. Well, except for that whole "looking" irreverent. We're totally irreverent. We swear. [NYT, Slate, Motor Trend]

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Report: GM, Chrysler Consider Bankruptcy For Federal Bailout Loan [Carpocalypse Now]

The CEOs of the not-so-Big Three made it to DC for committee hearings beginning today at 10:00 AM. According to Bloomberg's sources, GM and Chrysler execs are considering a pre-arranged bankruptcy (which we've already said is a good thing) as a last-resort of getting a multibillion-dollar government loan.

This flies directly in the face of GM CEO Rick Wagoner's past comments that a bankruptcy would mean liquidation because customers would refuse to buy cars from a company that might not be able to back warranties or supply parts. Our sources, whether from inside the General or from the outside, have given us similar arguments in the past.

That hasn't stopped staff for three members of Congress, who've asked restructuring experts if a pre-arranged bankruptcy — negotiated with workers, creditors and lenders — could be used to reorganize the industry without liquidation.

But it's not just the congressional committees at work here. According to another source, a representative of Obama’s team contacted at least one bankruptcy-law firm to say Daniel Tarullo, a professor at Georgetown University’s law school who heads Obama’s economic policy working group, would call to discuss the workings of a so-called prepack, according to this person.

But don't expect anything on this to come out of this week's hearings as we're also told

"Negotiations are splintered among small groups, making it unlikely a proposed solution such as bankruptcy would emerge until next week at the earliest..."

We'll obviously continue to be all over this story like a fat kid on cake. Stay tuned throughout the day to our "Carpocalypse Now" tag today as we bring you the latest news from D.C.

[Bloomberg]

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Eleven Ways The UAW Is Like Congress [Carpocalypse Now]

So we're sitting here in the press room of the LA Auto Show thinking about Carpocalypse Now, the fight for loans from Congress and thinking to ourselves — you know the UAW and Congress? They're really not so different from each other. It's almost like looking in a mirror. A freaky state fair carnival mirror, but a mirror nonetheless. Here's our list of the top eleven similarities between these two seemingly disparate groups.

1.) Both carry a bunch of signs at all their get-togethers. UAW workers, picket signs. Congressmen, re-election signs.
2.) Both have exorbitant pensions and will receive health care for life upon retirement.
3.) Both have work stoppages for months at a time during summer, winter and around all federal holidays.
4.) Both take credit for creating the middle class.
5.) Both have a historical reputation for shoddy quality of work product.
6.) Both like pork. One likes it in "rind" form, the other in "spending" form.
7.) Both live well beyond their means. UAW workers with boats on Lake Superior. Congress gets junkets and fact-finding trips to the Cayman Islands.
8.) Both are paid the same regardless of how much work they do.
9.) Both have a national approval rating of under 10%.
10.) Both are seemingly out-classed by their foreign counterparts.
11.) Both get to take election day off.

See, there you have it, they're like ebony and ivory — and really, they've got to figure out a way to live together in perfect harmony.

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