Detroit's Big Three Make Plea for Bailout
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Detroit's Big Three Make Plea for Bailout Save Email Print
Posted: 9:44 PM Nov 18, 2008
 Last Updated: 9:44 PM Nov 18, 2008
 Reporter: Associated Press
Email Address: news@kbtx.com
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WASHINGTON (AP) - Detroit's Big Three automakers are warning
lawmakers that if they let the industry collapse, the already teetering economy will face catastrophe.

They say without $25 billion in loans, millions of people will lose their jobs as their demise ripples across the economy.

Chrysler chief Robert Nardelli told the Senate Banking Committee that a bailout would be "the least costly alternative" when compared with the damage from bankruptcy.

Ford's Alan Mulally told the senators the auto industry is "a pillar" of the economy and that his company is well on its way to "building a new Ford."

GM's Rick Wagoner said the problems in the industry are not the fault of management but the deepening global financial crisis. He said the industry needs "a bridge to span the financial chasm."

The new rescue plan appears stalled. The Bush administration and
Republicans in Congress don't want to dip into the Treasury Department's $700 billion financial bailout program.
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Posted by: Tinman05 Location: Bryan on Nov 19, 2008 at 09:14 PM
I own 3 SUV's and REFUSE to buy a small what you call a fuel efficient car. If I'm going to purchase a vehicle I WANT ONE THAT MY FAMILY AND I CAN FEEL SAFE IN. We also travel so 2 adults and 3 kids in a small car plus camping equipment and luggage is totally out of the question. I say let the BIG 3 go belly up then they will be forced to restructure the companies. If that means no more SUV's so be it I will repair mine till the end .
Posted by: BCS Resident Location: BCS on Nov 19, 2008 at 02:01 PM
im not for the bail-out but i do hope the automakers get the help they need. why cant the Auto makers borrow Money from the banks that was part of the 700 billion package?? the high gas prices was the major factor in the Automakers troubles. the economy can begin going up
Posted by: Taxpayer on Nov 19, 2008 at 12:25 PM
[GM's Rick Wagoner said the problems in the industry are not the fault of management but the deepening global financial crisis. He said the industry needs "a bridge to span the financial chasm."] Bovine Dung. The US industry is in trouble because they used the SUV loophole in the old CAFE standards to make a killing on gas guzzlers here in the US rather than go head to head with the rest of the global Auto Industry that was producing high efficiency vehicles for Japan and Europe. And it was last spring's upspike in oil prices, NOT the subsequent economic collapse that made those monstertrucks unsellable. The only way I'd support giving those morons any money would be in exchange for A) Management cutting their salaries to match that of machinists, and B) at least one seat on the board for a Naderite or Goreon to really push them into innovating some high efficiency competitive vehicles like they once did. And those conditions persist until every cent is paid back with interest...
Posted by: Anonymous on Nov 19, 2008 at 10:11 AM
The Big 3 are still paying the price for all the junk they churned out in the 1970's and 80's. People have a very long memories when it comes to being broke down on the side of the road in the days before cell phones. The are making quality products today, but people have not forgiven them yet. Also the big 3 failed to design small fuel efficient vehicles that were in demand when gas prices hit $4 per gallon last summer. To compete in the free market you have to manufacture the products that are demanded by consumers. Otherwise you will follow the path of manuel typewriters.
Posted by: Alex Location: Bryan on Nov 19, 2008 at 09:45 AM
The globalist's plan is to destroy America and that is what they are doing. That is why they have been exporting our industry and destroying what is left. How dumb are you going to feel if you bought in to that "oh we don't need THOSE jobs here - we will all be actors and entertainers and waiters" lie? The further we move away from self sufficiency, the worse off the Middle Class is getting. They covered it up with the financial shell game of "the market" as long as they could but that can't go on and we are seeing that fall apart. Finally people are waking up but it is too late now. That house-of-cards known as the service industry is quickly vanishing since there is nothing to support it. Why did people abandon common sense? Still, Chevy would be fine if they didn't install tracking devices in their cars and tell us it is a "service" and insist on obnoxious daytime running lights and honking the horn when you lock the door, but that is another issue.
Posted by: DaMouse Location: Bryan on Nov 19, 2008 at 07:16 AM
One news story this morning noted that the auto industry leaders arrived for the hearings in private jets. What do they want the money for ... to upgrade to 747s?
Posted by: Tink Location: Bryan on Nov 19, 2008 at 06:44 AM
This is all about greed. No car is actually worth what they are financing them for. I think that these companies need a good spanking. Our economy is already pretty bad I don't think that one more thing like this is going to cause a "catastropy". If anyone can explain how please enlighten me!
Posted by: Teresa Location: Bryan on Nov 19, 2008 at 05:41 AM
Why don't we ALL plea for a bailout!!! I suppose the government will never cease from robbing Peter to pay Paul.
Posted by: A Location: Bryan on Nov 19, 2008 at 05:03 AM
Let them fail!!! I am tired of paying my hard earned money to either low life people who will not work, but CAN they just won't (why should they when the government will pay the way?), or businesses, that fail because of their own poor decisions. I work hard, I pay my bills on time, I don't overspend what I DO NOT have, and (sadly) I pay my taxes to a government that DOES NOT do what they are being paid to do. If the government does give the car companies money, I will NEVER buy another car from a U. S. car maker again. If the boys and girls in Washington were smart, and they are not, they would tell the banks, the mortgage industry, and the car companies to get their act together. And, they would tell those on welfare, food stamps, and other public assistance that CAN take care of themselves they have one year to do so or forget the hand outs. Oh wait a minute, I'm talking about the new socialist administration under Obama so that will NEVER, EVER happen!
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