AUTOS: Another Chrysler Crisis

Speaking grimly at a crowded Detroit press conference, Chrysler Chairman Lynn Townsend repeated a somber theme that he has been sounding ever more urgently since the collapse of U.S. auto sales last fall. "We need leadership out of Washington, and in my opinion we're not getting it," Townsend said, calling for deep tax cuts and much more ease in monetary policy. He added: "We're in a very, very serious recession. The spiral is still going down."

There was stark evidence of that in Chrysler's dismal year-end results, out last week. Having earned a...

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