Are The Big Three Auto Makers Doomed?
November 18, 2008 by droveto ·
The auto industry seems to be next on the list of industries that will need federal support in order to maintain its existence in the United States. The Center of Automotive Research in Ann Arbor, Mich., estimates that the failure of the US auto industry would lead to the loss of 2.5 million jobs which is just more bad news in regards to the weakened US economy. Congress is set to debate this week on the fate of the Big Three, GM, Ford and Chrysler. GM has already warned that it may run out of cash and be forced to declare bankruptcy before the end of the year.
They’re a dinosaur in a sense,” Senator Richard Shelby, R-Ala., said on NBC’s “Meet the Press” on Sunday. “I hate to see this because I would like to see them become lean and hungry and innovative. And if they did and put out the right products they could survive. But I don’t believe that the $25 billion they’re talking about will make them survive. It’s just postponing the inevitable.” Read more
