Detriot Wants Some Bailout Crumbs
This column was written by CBS News Early Show Co-Anchor Harry Smith.
The bucket brigade, so where should the bailout stop?
Insurance giant AIG got more billions of dollars this week from the federal government, and Detroit's automakers have been waiting with hat in hand, hoping for a few crumbs.
A friend of mine went nuts the other day when speaking about General Motors. He said:
"We don't need any more Buicks or Pontiacs, or much of the stuff GM sells.Let them make trucks, some Cadillacs for the rich folks and Chevy's for the rest of us and pray the electric volt gets in production in time to save the company."Quite honestly that's not a bad business plan.
In defense of the auto industry, Jennifer Granholm, Governor of Michigan says the car business no more forsaw the credit crisis than the big banks did.
Make the bridge loan she says, until credit frees up and people start buying cars again.
But, what if consumer confidence is so shaken, people wait years to start buying again, then what?