Corolla - a look back

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The venerable Corolla nameplate took on a mythic status when President-elect Barack Obama sat down with his economic advisers a week after his 2008 election to talk about Detroit's beleaguered automakers. "Is there any way these guys are going to avoid bankruptcy?," Obama asked. "Unlikely," he was told, according to the 2010 book, "Overhaul: An Insider's Account of the Obama Administration's Emergency Auto Rescue" by Steven Rattner. "Why can't they make a Corolla?" Obama asked. "We wish we knew," the advisers replied.