Failure of one of the auto manufacturers could spark a depression.
Jim Press, Chrysler’s vice chairman, said the U.S. automakers were “down to months left,” as industry officials ratcheted up a fierce lobbying push to persuade Congress to approve as much as $34 billion in emergency aid.
“We’re on the brink with the U.S. auto manufacturing industry,” Press told The Associated Press in an interview. “If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it’s a huge blow. It could trigger a depression.”
This kind of hysteria and fear mongering is rather despicable. We are told this time and again with each industry. If you don’t save the XYZ industry the sky will fall. If you don’t save the ABC industry, the sky will fall. Each one of these companies is angling for savior after making bad decisions.
