“Without a federal bailout in the next three months or so, General Motors, Ford and Chrysler will face a financial collapse that could drag down suppliers, dealers and even import automakers” –Automotive News.
The statement above is very real and faces the grave consequences of millions of jobs lost if something is not done very soon to assist the automotive industry. Some say the American auto industry has dug a very large hole for themselves over many years and are falling into this hole in desperate need of a rope.
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The big three have been posting double digit percentages in plummeting sales for the past several months. Just recently Chrysler posted a stunning 35% drop in sales in October while other big car companies follow not too far behind. The big question arises: “what should be or what can be done to get the auto makers out of this hole?” A bailout plan is one option that draws plenty of skepticism from financial analysts. Mergers and buyouts have been discussed amongst many companies including GM where they originally had everyone on their toes when they announced negotiations of merging with Chrysler. Recently these talks have been put-off.
What do you think should be done? What direction will the automotive companies need to head in. Remember, if auto companies start to fold this could be yet another huge impact on the American economy. We are not talking about thousands of jobs being lost, this time it may be millions!
Post your thoughts and comments below! We want to know what you are thinking!
