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The sleepless nights are over. Today, we’ll be able to tell whether the most important domestic manufacturing pillar will be afforded a lifeline — and whether millions of jobs will be saved. To soften the seriousness of the Congressional proceedings, I’ll be employing Northern California’s finest, cheapest Cabernet Sauvignon in a drinking game that only Speed:Sport:Life has the dignity to broadcast live.

 Here are the rules:

- One sip of wine for each incorrect quality jab lobbed at the manufacturers.
- Two sips of wine for each unfair fuel economy jab lobbed at the manufacturers.
- Finish the glass if Congress mentions travel to the hearings via Hybrid rather than Jet. (Thanks Doug!)
- One shot every time a Congressman hailing from a state that’s given billions in incentives to foreign manufacturers broadly opposes the loan.
- Shotgun a stolen Shiner Bock if: Daimler is blamed for Chrysler’s woes; Chrysler’s choice of hybrid is criticized; any CEO blames the UAW outright for its role in this crisis.

09:08 CDT: Here we go.

09:13 CDT: Senator Dodd is already coming out strongly in favor of assistance, citing the tremendous cost to the government should the D3 fail.

09:22 CDT: Senator Shelby’s counterpoints include more generalized anti-Detroit rhetoric, but nothing specific enough to prompt the first drink. Gettelfinger squirms. Eyes will roll. Shelby’s tone sounds frustrated, but possibly conciliatory: he knows that too many influencers understand the gravity of this situation.

09:29 CDT: US Comptroller General Gene Dodaro outlines the first conditions for the loan, involving effectiveness evaluation, government-as-the-first-shareholder, and other accountability. This is essentially posturing, because these points go without saying and most have been provided in the three companies’ plans. Dodaro is not opposed to rapid disbursement of part of the funding Detroit has requested; he endorses a tiered disbursement approach.

09:39 CDT: Shelby critiques the GAO’s ability to analyze the auto industry, citing their lack of automotive knowledge. Apparently, Shelby is an expert in this field…

09:42 CDT: Shelby’s snide “cornering” reminds me of the CX debate opponents I had at State competition in high school… the kind I smacked down with evidence. Shelby either doesn’t understand the urgency of the situation, or understands that stalling a loan will inherently “solve the problem” his way: by choking the manufacturers out of business.

09:46 CDT: Bankruptcy advocates may not appreciate the intense time and costs of even the most carefully prepackaged bankruptcy. Chrysler’s Congressional submission highlights the anticipated DIP cost to finance a bankruptcy — an exorbitant sum compared to the loan the manufacturers are requesting.

09:55 CDT: Congress wants one board to answer to them, not three.

09:58 CDT: The tone today is “How are we going to do this,” not “Are we going to do this.” I predict this will result in thicker venom from detractors in the coming hours.

10:02 CDT: Senator Crapo asks Dodaro if government assistance provide consumers with greater confidence versus a traditional Chapter 11 reorganization. Isn’t the answer to that question “Duh?”

10:08 CDT: Senator Schumer seems to get it: jobs must be saved, manufacturing must remain an American pillar, bankruptcy stigma precludes it from success – but does “not trust the car companies’ leadership.” Seems to like Chrysler’s plan the best.

10:13 CDT: BlogTV user “Saltgurka” is our first “stumble-in” chat participant. Welcome!

10:20 CDT: Senator Menendez brings up a great point: if Chrysler merges, will we be funding a non-Domestic company? It seems clear that Cerberus is hunting to unload Chrysler as soon as they can find a buyer, and let’s face it, that buyer is going to be international.

10:23 CDT: Shelby: “I wonder if they’re going to be driving back.” Thanks for popping the cork!

10:30 CDT: Senator Tester nails it: the lack of TARP Act transparency is why Detroit gets scruitineered. Of course banks are sacred cows… of course Detroit is perfect for grandstanding.

10:32 CDT: Would bankruptcy lead to unfulfilled pension obligations, Tester asks? Dodaro doesn’t have an answer until tomorrow. I do: DUH!

10:45 CDT: Dodaro is seemingly hesitant to provide hard, obvious truths. In fairness, his office had only a day to prepare for this hearing. Do you cut him a break?

10:50 CDT: “We didn’t ask Wells Fargo to drive up in armored trucks.” Senator Brown cracks a few jokes about driving instead of flying. Second glass of wine is done. PS: Brown sounds like Saab’s Steve Shannon. 

10:51 CDT: Brown cites 1.5m lost jobs in the last year. Chatter mayorbill asks if this figure is accurate.

10:56 CDT: Brown and Dodaro banter back and forth about whether Pension Benefit Guaranty Corp will be stressed in a failure. Brown sees economic parallels between this Chrysler failure and the last Chrysler failure in the 1970s: gas crisis, economic downturn, et al.

11:00 CDT: Dodd likes his Escape. He needs room for his kids! Shoutz to all them homies in the Volt.

11:01 CDT: Chatter RPO says: Ford stock starts at 2.87, GM starts at 4.54.

11:05 CDT: “To that end, we respectfully request $12 billion.” - Rick Wagoner. Think my mom would go for that line?

11:10 CDT: Ron Gettelfinger’s tone is conciliatory. Is it conciliatory enough?

11:14 CDT: Fine, so it’s what they want to here… but has Alan Mulally forgotten Ford’s other world cars? The Escort? The Mondeo/Contour? The Focus? And as an aside… why does he remind me of some kind of wholesome 1950s Andy Griffith-Lassie spinoff?

11:17 CDT: Mulally brings it home with an open invite to Detroit and a $9 billion smile. RPO says Ford stock rose by $.02  by the end of his speech.

11:21 CDT: Bob Nardelli fails to mention what he drove to DC. Camera cuts to Shelby as he burps in apathy. He cites a coming “product renaissance.” And nearly closes his speech with plans to produce trucks for Nissan. If Nissan buys the Ram brand vertically… will part of the loan be refunded?

11:23 CDT: James Fleming, Connecticut Automotive Retailers Association, on the effect of the state of manufacturers on small businesses: “This is a tsunami. This is not a ripple.” Ooooh! Compelling speechwriting, on your feet. Bonus points.

11:28 CDT: Fleming had incredible figures; I didn’t get them down just right — research dealer closures and job losses in CT alone. Will advise…

11:32 CDT: Keith Wandell, President of Johnson Controls, comes out flaunting their size and importance. “Once cascading supply chain interruptions begin, many suppliers will fail due to interdependence.” Continues: ”Many of those companies are small, women, and minority-owned businesses.” Closes: “They will fail, and they will fail quickly.” Cites Plastech as an example. This guy has his case in hand.

11:34 CDT: Wandell names names: Nissan, Honda, Toyota are all nervous, “even though they’re not here today.” Continues: “This will affect all car companies.” Did he just look Shelby in the eye when he said that? Is JCI incredible?

11:37 CDT: Wandell on JCI’s survival if Detroit dies: “We would weather this storm, largely due to our non-automotive” businesses.

11:38 CDT: Mark Zandi, Chief Economist and Co-Founder of Moody’s Economy.com: “My personal views, not the views of my employer, Moody’s.”  Says the ultimate bailout cost will be $75-$125B, and forecasts sales at 11m units in 2009, 13.5 in 2010. That makes Ford’s plan extremely optimistic (as I said yesterday) and GM’s worst-case-scenario nearly on-point.

11:40 CDT: Zandi mentions “their less-fuel efficient vehicles.” Two sips. Says second-round of loans should only come if TBD benchmarks are met. If companies fail to meet the benchmark, government should employ a prepackaged bankruptcy.

11:46 CDT: Zandi calls captive finance companies “a drain.” Has this man single-handedly smacked down the future auto financing model?

11:49 CDT: Dodd’s calling Chrysler on their merger plans. This loan will finance Chrysler’s makeover to find a trophy suitor. The truth comes out…

11:50 CDT: Nardelli: $7B: “That’s it.” Oooooh. If Chrysler doesn’t merge, that’s gonna come back to bite ya, bro.

11:55 CDT: Dodd asks the CEOs if any of them are thinking of demotorization/mass transit solutions. Nardelli cites light transit van (Nissan LCV rebadge?) The others dodge the question… lucky! Nardelli does not mention which Chrysler Hybrid he drove to DC… doesn’t mention it gets 20MPG… doesn’t mention it’s out of production after 22 days on retail sale… nobody calls it. I drink a sip as a compromise.

11:59 CDT: Shelby gets his digs in: calls plans “not serious,” suggests real banks would dismiss their request. I drink the glass.

12:00 CDT: This Rick doesn’t get rolled: Shelby tries to cut him off, but Rick keeps talking. ROCKSTAR!

12:03 CDT: Every time a CEO refuses to let Shelby railroad over them, I will do pushups for America.

12:07 CDT: Shelby cites lagging product, I accidentally swore, I took a sip.

12:08 CDT: Shelby: “Will you drive back?” (the CEOs will. I finished the glass.) Dodd jokes: “Where’d you stay, what’d you eat?”

12:10 CDT: Zandi: “Failure will be cataclysmic. You need to help them… NOW.” Also, corrects Shelby on private bankruptcy financing options: “They won’t get them.” I Z-snap so he doesn’t have to. Will they be back? “That’s a high probability.”

12:12 CDT: Okay… a little buzzed.

12:15 CDT: Menendez asks if Zandi’s figures are off. Wagoner says his contingency plea is more conservative than Zandi’s. Mulally cites economic peak-to-trough cycle study. Reminds me of the Stereolab song “Ping Pong” — good lyrics; look it up on YouTube.

12:18 CDT: Menendez cites Saturn as an example of GM’s lack of commitment to change. Ouch. Then, praises Gettelfinger and the UAW… he looks nervous and wonders what the catch is..

12:20 CDT: This is why I majored in journalism.

12:21 CDT: Chatter lictor says Shelby looks most like a stonefish; provides photographic evidence.

12:24 CDT: Nardelli proposes “toll gate” of 31 March as a “checkpoint” to discern whether further loans would be disbursed; Wagoner agrees with the concept and the date. Wagoner agrees to possibly extralegal Congressional influence on restructuring conditions, and Crapo says, “We can MAKE it legal.” Did this just happen on live TV?

12:34 CDT: Nardelli: when the market is huge, credit is easy to access at many FICO levels. The market has contracted. Credit has contracted, as well.

12:36 CDT: Dole asks if any independent analysts have signed off on the D3s’ plans. Wagoner: one independent analyst did have a look. Nardelli: outside analyst had a look; plan was presented to board and approved.

12:41 CDT: Schumer is stuck on his plan to give the money to a “Presidential Escrow.” Does he mean under a Bush administration? They’d never go for that plan. Does he mean under an Obama administration? These manufacturers won’t last until 20 January. Wagoner’s response: “It would be helpful to have either a board or a person… that could take strong decisive action.” Nardelli’s for it, too. All the panelists seem to like this idea…

12:43 CDT: Gettelfinger is the only witness tactless (or ballsy) enough to cite the real problems at work: unfair trade agreements. Gets his numbers wrong: 750,000 SK cars sold here; 6700 US vehicles sold in SK.

12:55 CDT: Senator Corker of TN: “Chrysler’s market cap is probably worth about half-a billion… and that’s probably an exaggeration.” FYI: Nashville’s airport signage is also in Japanese these days. Just throwing that in there. Then he launches into Chrysler: ”I know you haven’t invested in product development.” Ooo. “I know you can’t compete.” ”Your dealer network might be valuable to a foreign company.” “We’re providing capital long enough for you to get married.” “All Cerberus wanted was the finance arm — the car stuff was kind of a bonus.” “Cerberus has cash — lots of cash — that they were unwilling to put into this company. You mentioned what a great partner they were — I don’t know.”  I would drink, but I have to keep typing. “You lucked out. You were getting ready to go bankrupt, and then GM got into trouble.” SNAP. “There’s no future for your company as a standalone, is there?” Nardelli finally returns with a rejection. A board member apparently told Corker that there was “no way they’d make additional investments in automotive.” Holy cow. Dodd seals it by reading a graf from Chrysler’s submission: it’s over. Corker: “There’s not a human being alive that says Chrysler is doing anything other than looking for a partner.”

13:01 CDT: Is Corker spilling all kinds of beans? He says that he knows Chrysler and GM spent an “inordinate” amount of time considering a consolidation, he knows that the projected assitance costs to taxpayers were supposed to be less if GM and Chrysler had merged. Rick says they considered it an “acquisition!” This is getting DIRTY. Zerin says, “This is way better than Judge Judy.” Corker does not buy any kind of future independence at Chrysler. He cites product, an appetizing dealer network, and an apathetic parent company. You know what? He’s not wrong. He asks Gettelfinger’s opinion.

13:06 CDT: Gettelfinger avoids the question with a wholesome charity pension story.

13:11 CDT: This is a game of “Good Bob, Bad Bob.” Mic’s tossed to Bob Casey from PA who is more sympathetic to the Detroit plight than Corker. Cites three dealers that shut down just yesterday. Chatter mayorbill jokes: “Breaking: Dealership closures surpass murder rate.”

13:14 CDT: Casey demands monthly benchmarking, monthly reporting, and asks for debt seniority. Wagoner agrees to both. Nardelli’s debt is secured, so he can’t commit to unsecuritizing/giving government precedence, but asks the panel to invoke its authority. Mulally agrees on the first point, worries about other outstanding debt obligations but says “there has to be a way.” 

13:18 CDT: Nardelli: dealer closures have impacted Chrysler at a 63,000 unit per year rate.

13:20 CDT: Tester’s honest-to-God flat-top invokes its farmer cred: “I’m a farmer. Trust me, I know nothing is for certain.” Asks Nardelli if Chrysler will survive ’til 2010 even if the economy stays static. Nardelli says “Yes,” Tester cuts him off before he can do any damage. Relays his respect for D3 leaders, says they’ve been subject to much deeper scruitineering than the TARP beneficiaries. He’d like to have AIG  in the hot seat because “They need a talking-to.” WOOF! But wait… he’s interrupted by protesters! THE DRAMA! THE DEMOCRACY! ”The Bailout is a Sell-Out, the Poor are Suffering,” they chant. Tester hopes it doesn’t cut against his time.

13:25 CDT: JCI will make sacrifices to ensure D3s’ survival.

13:27 CDT: Mulally on dealers in rural areas (less than 3500 people:) “They’re the fabric of the company.” GM said something similar on Tuesday’s conference call. Sell where Toyota can’t!

13:29 CDT: Tester: If we give you this money and two weeks later you tell me “you’re expanding a plant in Michigan, I’m going to be very unhappy.” *ICY FARMER STARE.* *SILENCE.* Rick: “… you  mean Mexico.” Tester pauses… “I said Michigan, didn’t I.” Tester smiles. Farmer cred!

13:32 CDT: Senator Carper cites Zandi’s bang-for-the-buck chart savvy. Asks Zandi’s opinion of this loan package, Zandi says it’s good bang-for-the-buck.

13:39 CDT: Carper asks how Chrysler will repay the government since they’re not a publicly held company. Nardelli says “they will” but doesn’t say how. Carper says automakers “don’t get enough credit” for what they’ve already done, and says Ford’s “ahead of the game.”

13:44 CDT: Senator Bennett: You don’t need loans, you need “patient capital.” Likes his four-year-old Escape, says it has four years left. His ‘96 Oldsmobile is doing great and won’t trade it in as long as GM makes spares. Asks whether America needs a formal industrial policy for auto industry. Suggests a merger of GM and Chrysler is a “marriage that makes sense.” Asks Wagoner to react to the possible synergies in a better economy. Wagoner says: significant cost savings, significant job loss, platform savings, foreign Chrysler sales through foreign distribution network. Nardelli says: the labor hemmorhage would not be that bad. Envisions shared platforms with “different tophats.” First time I’ve ever heard a brand-engineered schnoz referred to as a “tophat.” Keeps citing hybrid system that Chrysler no longer uses anymore. Bennett thinks they won’t merge because of short-term financing concerns. Bennett suggests a merger be a condition of “patient capital”. A forced merger… for $8B in savings?! I finished the bottle… straight from the neck.

13:55 CDT: Nardelli says he’d do it, “just to save his employees.” Please! That’d be a get out of jail free card for him, Cerberus, Press, and Co… and a noose hanging from GM’s neck.

13:58 CDT: Brown asks if a loan package will guarantee increased US sourcing. Wagoner: US suppliers are more competitive than they have been in years, but needs to look at the data. Mulally: “Our plan is to grow our ops in the US.” Nardelli: “78% of materials purchased in US; we’re the quintessential American carmaker… We can’t be dependent on foreign technology as we work to be independent from foreign oil.”

14:08 CDT: Fleming does the tough job of trying to justify oversaturation and franchise laws’ barrier to solvency.

14:09 CDT: S:S:L friend and contributor Nick asks if Fleming is that guy that usually has question marks all over his jacket. (Fleming is not actually Matthew Lesko.)

14:10 CDT: Chatter RPO notes Ford stock is down 6%; GM stock is down 16% on the day.

14:12 CDT: I do not have Mopar shorts. Nick thinks Corker looks like Ross Perot. Corker can’t decide on whether decisive life-saving action is called for in this situation. I wonder how long it took Tennessee to determine the ROI on Nissan incentive packages for the Smyrna plant, Nissan parts distro center, and Nashville HQ.

14:21 CDT: Tomorrow’s drinking game: every time Corker says “GM is why we’re here,” take a drink. Nick says right now would be a good time for a Brooke Shields Routan commercial. “Peak-to-Trough” is the new “Irrational Exuberance.”

14:23 CDT: Corker suggests the UAW make concessions to be competitive with foreign companies’ workers… except, they’ve largely already done that. I’m really considering throwing this bottle out the window. There’s nothing left to drink. There’s nothing more to say. Who still has faith in Congress? These people are in control of your money.

14:27 CDT: Anyone that thinks UAW workers should suffer under the exact same structure as “transplants’” non-union workers should take a long look at what Toyota’s San Antonio plant wokers recently endured: a 40% pay cut for three months without warning for TMMTX employees, and immediate termination for contract workers. Bloody capitalism at any cost? Come on. The UAW shouldn’t have a gilded path to silken pillows. But transplant pay is not inherently fair, and it’s not inherently right. Piece said.

14:31 CDT: Gettelfinger was just sold out by an ex-Union worker who wants to see labor costs match transplants as a condition of the loan.

14:35 CDT: Corker reality checks Chrysler again, and asks what the best course of action would be to get Chrysler over the “wedding bridge.” Nardelli says he wants $4B to get to 31 March. I thought the number was $7? Either way, it was a casual concession… Nardelli knows Corker is right.

14:39 CDT: Is Dodd really surprised that nobody in the administration stepped up to give a damn today? I’m not.

14:41 CDT: Dodd adjourns. C-SPAN provides three numbers for people to call in with their opinions: one for Republicans, one for Democrats, one for “Others.” This is not a partisan issue. This is an American issue. Perhaps our chatters put it best with their summations. Nick writes: “Today, Chrysler is dead. GM/Ford live one more day… what will tomorrow bring?” Mayorbill replies, “Talk of a car king… to rule everyone.”

See you tomorrow, 08:30CDT. That’s 9:30 back East, 5:30 out west.