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Failure of auto industry could set off catastrophe
- Text size
Tom Krisher and Ken Thomas
Associated Press
November 13, 2008
Advocates for the nation’s automakers are warning that the collapse of the Big Three — or even just General Motors — could set off a catastrophic chain reaction in the economy, eliminating up to 3 million jobs and depriving governments of more than $150 billion in tax revenue.
- A d v e r t i s e m e n t
Industry supporters are offering such grim predictions as Congress weighs whether to bail out the nation’s largest automakers, which are struggling to survive the steepest economic slide in decades.
“We’ve got to do this because the cost of inaction is so high to communities, to workers, to companies,” said Sen. Sherrod Brown, a Democrat from Ohio. He was among many lawmakers worried that an industry collapse would be devastating for everything from school districts to small businesses.
Even if just GM collapsed, the failure could bring down the other two companies — and even the U.S. operations of foreign automakers — as parts suppliers run out of money and shut down.
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November 13th, 2008 at 3:55 pm
Let them fail. We’ve had the technology for years now to run vehicles on other things besides oil. They’re in the global elites’ pockets. Screw them all.
November 13th, 2008 at 3:57 pm
This is why i got out the car industry. Thanks to Alex’s show and predictions, i bailed out many months ago.
November 13th, 2008 at 4:05 pm
LET THEM ALL FALL-the big dogs give themselves billions in saleries and bonuses-all the while saying they are in the red so the government will give them taxpayer dollars so they can do it again-cheating the small stock holders-feed the f*#kers to the 3 million out of work workers-they are all fleing the country-DAMN
November 13th, 2008 at 4:11 pm
If GM dies, it’ll be their own fault. THEY are the ones who put OnStar by BIG BROTHER in their cars! That’s why I don’t buy GM anymore.
November 13th, 2008 at 4:22 pm
i used to work in an industry where i got to go and see a lot of the suppliers to the major car manufacturers.
let me tell you if the big three go down there is such a large domino effect will take place it will be like an atomic bomb hit the american economy…
November 13th, 2008 at 5:14 pm
Testing 123
November 13th, 2008 at 5:22 pm
If the big 3 are aloud to go under you may as well call North America a third world nation.. It is the only big manufacturing industry left. The whole problem with the economy is that we don’t make anything any more it is all done over seas. As it stands now the GDP in based mostly on consumption not production. In order to get us out of this mess we need to bring manufacturing back to North America not let it erode away. With well over 3 million jobs and $150 billion in tax revenue on the line, anyone who says “Let them Fail” has no real grasp on reality..
November 13th, 2008 at 6:05 pm
Ok I now that the Big 3 auto makers and in trouble and some may say to big too fail, but this is of their own making and should pay for it. It would be better to booster The new upcoming auto makers they are selling quite good, for instance the (Tesla roaster) and other out here in California. Those auto makers are too politically connected and hold allegiances to some people in DC with are in the interest of big oil and other institutions like that, to ever expect them to make the needed change. So I say prop up the new automakers and let the dinosaurs drop dead. Man people, think out the box.
November 13th, 2008 at 7:12 pm
RE: DonO Says:
“This is a Must See…
http://www.youtube.com/watch?v=XkOC1b5PMZk”
No it’s Not!
November 13th, 2008 at 7:36 pm
At this rate, we’ll have a taxpayer-funded Microsoft bailout by June.
November 13th, 2008 at 7:38 pm
It’s a scam, GM Just opened a new plant Russia. Why?
November 13th, 2008 at 8:02 pm
They should be bailing out the auto makers and homeowners.
November 13th, 2008 at 8:04 pm
DonO, you retard, that video is stupid. This is infowars, that video is totally the opposite of this forum.
Get that shit out of my face
November 13th, 2008 at 8:12 pm
5 ferdg Says:
November 13th, 2008 at 7:38 pm
It’s a scam, GM Just opened a new plant Russia. Why?
—————-Good point!
As for falling sales at the Big Three, at the end of the day, it’s the American consumer who’s at fault. After all, that is what you get when you keep buying Toyotas, Hondas, Nissans, BWMs, etc. If Americans would have stuck with the Big Three, you wouldn’t have anywhere near the problems you have today, nor the manufacturing unemployment.
As for past poor product quality, Americans could easily have overcome this problem by setting up a consumer group and ganging up on one of the three by buy strictly from the other two to force the issue.
Incidentally, I’ve chosen GM lately. The quality is pretty good compared to what it used to be. GM just has to lose Pontiac and Buick and get rid of vehicle duplication. Who ever built its product structure is a fool.
ferdg Reply:
February 19th, 2009 at 6:51 pm
I had 2 GM cars and just bought a new one. I had no problems with them and a matter of fact some friends of mine have GM and they agree that it’s an awsome car.
November 13th, 2008 at 8:48 pm
yup, Don0 is a retard
November 13th, 2008 at 8:57 pm
Consumer demand drove the auto industry to produce big SUV’s and cars with V8 engines in them. Don’t blame a company for giving the American people what they wanted. In case no one noticed, prior to this economic mess japan and korea started making “big cars” and SUV’s for the US market.
Granted, they should have seen this coming, but I would much rather see the money being thrown around in Washington go towards companies that make actual products, instead being pissed away on more Wall Street bailous.
As for comments about cars like the Tesla roaster, give me a break! It is a great car, but it is in no way for the average consumer.
November 13th, 2008 at 9:35 pm
My point about the Tesla is not about the the Tesla roaster it self, but the ability of that type of car to sell. If GM Keeped doing R&D on the EV1 instead of killing it and building the hummer, they would be on the cutting edge and selling cars lik hot cakes. So I still think let those small minded dinosaurs die out.
Consumer demand drove the auto industry to produce big SUV’s and cars with V8 engines in them. Don’t blame a company for giving the American people what they wanted. In case no one noticed, prior to this economic mess japan and korea started making “big cars” and SUV’s for the US market.
Granted, they should have seen this coming, but I would much rather see the money being thrown around in Washington go towards companies that make actual products, instead being pissed away on more Wall Street bailous.
As for comments about cars like the Tesla roaster, give me a break! It is a great car, but it is in no way for the average consumer.
November 13th, 2008 at 9:45 pm
now that’s progress
November 13th, 2008 at 11:21 pm
Ok.. I know you all think down with the BIG 3 BUT…………..
My husband works for them and my children. I understand your anger, but listen if they go down my whole family goes down.
I hate this because I don’t agree with any bailouts, but I don’t want my whole family to be unemployed.
Sometimes you have to think about the people under the BIG FAT FUCKING FAT CATS!
I hate all of this and I’m sad for all of the real people who genuinely care.
November 13th, 2008 at 11:58 pm
I have already been laid off. I hate to see any body loose their job.
They just don’t get it. big pensions,swolen paychecks over priced cars and investing all their money in china.
November 14th, 2008 at 12:18 am
Traditional sources are unlikely to work because the scam is so HUGE! First off, the US has had the illegal creation of the Federal Resrve for about 95 years–in that span of time the Fed has helped to usher in the IRS (its collection agent), WWI, orchastrated stock market crash of 1929 that it manipulated into happening, the removal of the gold standard in 1933, entry into WWII, entry into the Korean War that many still do not know why we entered, JFK assassination, entry into Viet nam war, on up to the present with other false flag operations such as inside job 911, illegal war on Iraq, Gitmo, Patriot Act that basically nullifies our US Constitution…the illegal $700 billion bailout, ETC. ETC. ETC. Do you recall that on 9-10-2001 Rumsfeld announced that their was some $2.6 TRILLION unaccounted? The following day 9-11, and then a little later on, it was reported Rumsfeld was in error, the more accurate amount of missing $ was $3.4 TRILLION! This was announced with an explaination that we will never be able to know for sure how it was stolen from the US people snce the evidence were located in the Pentagon and Twin Towers, like the ENRON evidence–how convenient. Hmmm. Could such vast amounts of money help to finance a 9-11 false flag operation? We rightly squabble about $700 Billion bailout, but $3.4 TRILLION based on 2001 value is some five times this most recent bailout! The illegal Federal Reserve has capitalized and encouraged every war and false flag operation that it financed into existence with monopoly money that is not based on anything; yet, the Federal Reserve charged interest on such a fiat system and therefore manipulated much of the true wealth and assessts of this country away from WE THE PEOPLE! How many of you have lost a family member or friend in the manufactured wars of the 20th and now 21st century? How many have died. In WWI and WWII it is estimated as much as a 100 MILLION died in those senseless wars. In Vietnam, one million vietnamese died–not counting US deaths. In Iraq, MILLIONS have died since its manipulated war with Iran in the 1980s, and speaking of Iran, now the US (CIA/MOSAD) are encouraging a war with Iran! When will it cease? Who stands to gain by such evil manipulations? Surely WE THE PEOPLE do not gain anything from wars and rumors of wars, so why participate in a game that offers you no true lasting benefits/rewards? Folks, you want change? Then get involved and do what your heart, mind and soul directs you to do to bring about a lasting change to usher in JUSTICE and hopefully PEACE. NUFF SAID–GET INVOLVED! Peace.
November 14th, 2008 at 1:32 am
Once a Marine always a Marine: Bang!!! You nailed it!!! My father a Marine(Battle of Okin-nawa) and all my siblings!!! Persian Gulf 101ABN DIV!!! But American auto manufacturers have piss-poor designs that do NOT appeal to the public!!! Should we as a people bail out INTL’ bankers for PISS’POOR decisisions??? WTF OVER??? You tell me!!! No Disrespect if I come across a little curt in my progress report but I’m a bit’ bent!!! I wish you the best!!! “All ‘HAIL’ Thermal Expansion!!!”
November 14th, 2008 at 1:46 am
My father retired this year from GM. For the past 10 years or so all he has talked about is getting a cabin in AL, hunting and living on his pension. He worked damn hard for that. What happens to that if GM goes under? If they can bail out the sleeze bags on wall street the least they can do is bail out actual middle America, i.e., the blue collar workers.
November 14th, 2008 at 2:11 am
diddo to that eR3alist
November 14th, 2008 at 3:19 am
Wanna do something about our dependance on foreign oil? Let these companies crash. The movie “Death of the Electric Car” shows how all of these companies could have saved themselves and brought all of us into a new, oil free, economy. They chose this path. It seems evident that this industry, along with big oil, have decided that they can squeeze us for all we have. Sure the gas prices have come down, largely due to the fact that new auto sales are in the toilet. This bailout is being sold as a necessary action to avoid horrible consequences. What good will it do to give money to these companies? Americans still won’t have enough money to go out and start buying SUVs again. As soon as they do, gas will surge back up to its summer prices.
November 14th, 2008 at 4:16 am
FUCK GM. Let them go down the drain! They made the shitiest gas guzzling pieces of shit until they finally cranked out the chevy aveo–a korean deawoo piece of shit. A car that I lemoned and my co-worker is in the process of doing the same.
November 14th, 2008 at 5:57 am
If we were more like this guy, we would have change: http://www.youtube.com/watch?v.....re=related What do you think? Peace.
December 1st, 2008 at 9:46 am
It’s time to change from within. Go to http://www.upgradeyounow.com and take a step for yourself, stop being a spectator and take positive action in your own life!
Upgrade You Now!
December 21st, 2008 at 12:11 pm
Great Site, love the blog
January 3rd, 2009 at 2:43 am
that is sooo tight…
January 3rd, 2009 at 3:45 am
Thanks for useful articles