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