Senate Banking Committee contemplates a real Black Friday bailout for Ford, Chrysler, General Motors
The Senate Banking Committee is having problems dealing with Black Friday Bailout for Ford, Chrysler and Chevrolet. The CEO’s of the “The Big 3″ are worried about cutting jobs while Congress argues who-what-where goes with the Bailout Money already passed.
Here’s some quotes:
- “The societal costs would be catastrophic” if the auto industry failed, said General Motors Corp. chief executive Rick Wagoner.
- “A decision to make government assistance available makes much more sense than taking the tremendous risks to our already-fragile economy that come with inaction,” said Ford Motor Co. CEO Alan Mulally.
- Chrysler CEO Robert Nardelli told senators that the crippling of the auto industry would have “severe and debilitating ramifications for the industrial base of the United States.”
- Sen. Debbie Stabenow, D-Mich. “We need this industry as a basic part of the fabric of our economy. Somebody has to make something in America.”
While the Auto industry is going to “hell in a handbasket” – Treasury Secretary Hank Paulson chose not to give into the automakers requests. He stated:
- “I don’t see this as the purpose of the TARP – Congress passed legislation that dealt with the financial system’s stability.”
Are you insured for losses with these companies? Do you own stock in any of them? How are YOU going to financially protect yourself against these problems?
