Despite fine-tuned sales pitch to Congress, Big 3 returning home empty-handed

Thursday, November 20, 2008

Despite a fine-tuned sales pitch to Congress, the Big Three automakers are going back to Detroit empty-handed. It's becoming less and less likely that General Motors Corp., Ford Motor Co. and Chrysler LLC will claim a $25-billion chunk of the $700 billion Wall Street rescue package. Democrats nixed the idea of voting on the proposal — why help a flawed industry? — to the dismay of the White House and congressional Republicans who believe a quick bailout is the only way to save the cash-hemorrhaging car companies and the estimated 2.5 million jobs at stake should one of Detroit's Big Three break down. GM and Chrysler have said they may not make it to the end of the year. Congress could revisit the proposal in early December.

Guests:

Todd Zwillich

Contributors:

Jesse Baker

Comments [2]

wilfred rand

The Newer Deal ought to pick up on the most important success of the New Deal: the safety net. The car companies can't be saved (besides, this is only another attempted robbery). Moreover, we are entering a period of prolonged and deep unemployment. Bail out the people who are the victims of years of white collar crime: meaningful unemployment, loan deferment programs, nest egg protection. And put them to work on our neglected physical, electrical, and utility infrastructure.

Nov. 20 2008 05:55 PM
jeff phillips

many of the airlines have been bankrupt. While it may have negative connotation, it's a way of refinancing debt with the bank rather than with the tax payers.

Nov. 20 2008 06:38 AM

Leave a Comment

Email addresses are required but never displayed.