Nov. 12, 2008
Detriot Wants Some Bailout Crumbs
American Automakers Are Waiting With Hat In Hand
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(CBS/AP)
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Play CBS Video Video Automakers Running On Empty A bailout for the auto industry may be looming, but there may not be enough money to save them, reports Anthony Mason. Maggie Rodriguez talks to Mich. Gov. Jennifer Granholm about the ripple effect.
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Video Big 3 In Big Trouble Over 48,000 jobs have been scrapped by General Motors, Ford and Chrysler, as Detroit automakers face massive financial turmoil due to an unstable economy. Cynthia Bowers reports.
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Video U.S. Automakers In Tough Times Due to slowing car sales, General Motors and Chrysler may be broke by next summer. The companies, along with Ford, have had to make massive job cuts. Cynthia Bowers reports.
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In The Spotlight Harry Smith Reporting The Early Show co-anchor Harry Smith offers commentary for CBSNews.com.
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In-Depth Q&A: Big Three Bailout? Why Detroit's automakers might get a rescue package
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?
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