Ford Exec: Crisis Was A "Wake-Up Call"
Ford Motor Co. Executive Chairman Bill Ford says the worst economic crisis in decades has been a wake-up call to the nation that its industrial base is eroding and should be rebuilt.
Ford spoke at the kick-off Monday of the National Summit, a conference of prominent business, government and academic leaders.
Ford said he didn't know the ramifications of having the U.S. government so heavily involved and invested in the auto industry.
But he said the Automotive Task Force acted very responsibly in quickly addressing the industry as it threatened the health of supplier firms. "Because if the supply base melted down, it would take down not just Ford, GM and Chrysler but, frankly, Toyota, Honda and everybody else who produces here as well."
The goal of the summit is to craft a plan to keep the U.S. competitive in manufacturing, energy, technology and the environment.
Nearly 3,000 attendees are expected during the 3-day event.
Ford is co-chairing the summit with Dow Chemical Co. CEO Andrew Liveris.
Liveris says the summit's goal is to turn a "to-do list into a national agenda."
"We still have an economic engine that is sluggish at best," Liveris said. "It's sluggish because we have forgotten that the life force and strength of this country was built by American industry. We became enamored with making money from money … and we forgot that making things - real, tangible things - still matters."
He called for policies to rebuild a strong industrial base, improve education, secure a stable energy supply, encourage environmental sustainability, and support a technology and R&D sector that is "second-to-none."
"As much as we'd like to believe in it, there is no silver bullet" to the current economic crisis, Liveris said. "There is no one single policy or regulation that will raise us above the problems we have today. The solutions - when they come - must be expansive."
Detroit is also the site of the People's Summit. Thousands converged on Grand Circus Park to participate in marches and rallies to raise awareness about the effects of the economic crisis.
A rally is scheduled Tuesday outside General Motors' headquarters.
"We need to have to declare Detroit and the Midwest area 'ground zero,'" said demonstrator Teresa Gutierrez. "So if the Obama administration and the government finds trillions to bail out the banks and the corporations, then we know that there's money for the people."
"Working people are losing their jobs, who are losing their homes, losing their healthcare and pensions. So we feel only the people can come up with a proper economic stimulus program to actually turn the economy around," said another participant, Abayomi Azikilue.
Organizers said the economic problems of U.S. citizens are being overlooked. They want the federal government to design an economic bill of rights for poor and working people. They also seek a moratorium on foreclosures and evictions and universal health care.
Matt Friedman, a spokesperson for the National Summit, said the Summit's participants are "very serious about coming here to Detroit to begin to address problems."
CBS/ AP Ford spoke at the kick-off Monday of the National Summit, a conference of prominent business, government and academic leaders.
Ford said he didn't know the ramifications of having the U.S. government so heavily involved and invested in the auto industry.
But he said the Automotive Task Force acted very responsibly in quickly addressing the industry as it threatened the health of supplier firms. "Because if the supply base melted down, it would take down not just Ford, GM and Chrysler but, frankly, Toyota, Honda and everybody else who produces here as well."
The goal of the summit is to craft a plan to keep the U.S. competitive in manufacturing, energy, technology and the environment.
Nearly 3,000 attendees are expected during the 3-day event.
Ford is co-chairing the summit with Dow Chemical Co. CEO Andrew Liveris.
Liveris says the summit's goal is to turn a "to-do list into a national agenda."
"We still have an economic engine that is sluggish at best," Liveris said. "It's sluggish because we have forgotten that the life force and strength of this country was built by American industry. We became enamored with making money from money … and we forgot that making things - real, tangible things - still matters."
He called for policies to rebuild a strong industrial base, improve education, secure a stable energy supply, encourage environmental sustainability, and support a technology and R&D sector that is "second-to-none."
"As much as we'd like to believe in it, there is no silver bullet" to the current economic crisis, Liveris said. "There is no one single policy or regulation that will raise us above the problems we have today. The solutions - when they come - must be expansive."
Detroit is also the site of the People's Summit. Thousands converged on Grand Circus Park to participate in marches and rallies to raise awareness about the effects of the economic crisis.
A rally is scheduled Tuesday outside General Motors' headquarters.
"We need to have to declare Detroit and the Midwest area 'ground zero,'" said demonstrator Teresa Gutierrez. "So if the Obama administration and the government finds trillions to bail out the banks and the corporations, then we know that there's money for the people."
"Working people are losing their jobs, who are losing their homes, losing their healthcare and pensions. So we feel only the people can come up with a proper economic stimulus program to actually turn the economy around," said another participant, Abayomi Azikilue.
Organizers said the economic problems of U.S. citizens are being overlooked. They want the federal government to design an economic bill of rights for poor and working people. They also seek a moratorium on foreclosures and evictions and universal health care.
Matt Friedman, a spokesperson for the National Summit, said the Summit's participants are "very serious about coming here to Detroit to begin to address problems."
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YES, we need our industrial base back! Because the only people to benefit from the way it has become are the wealthy. But I don't know if it can be done now, we're in too deep. China OWNS us, now, in seas of red ink.
Re Unions, it has gotten to the place that everybody hates unions because those are the only American employees who get a fair break from their employers. It's benefits envy. Hell, most people only get to work 39 hours per week so they can't qualify for benefits. It didn't start with Clinton, Reagon busted the unions and gave Wall Street free reign. Clinton just saw personal profit to be made.
Spread the wealth, capitalism is looking very ugly to me. Obama has some good ideas and this is such a complex problem, many years in the making and some very criminal SOBs who want things to stay the same, it will take years to sort out. All our infrastructure crumbling, no jobs -- what do the CEOs and career politicians care, they have all their money in banks overseas.
It's how we vote that will make the difference. We really do have a big part to play in getting our country back.
Regarding Liveris---maybe HE and his CEO buddies forgot what America's economic base is made of---which I doubt---but, the public NEVER did! WE'VE been ' harping ' on it for at least
the last 30 years!
Regarding an Economic Bill of Rights---FORGET IT! First, Congress would LOVE to do that!
Oh, yes! It allows them to waste time formulating and debating what these new rights will be instead of taking any ACTIONS to revive the economy! Second, these new rights will never
be respected and kept by officialdom, anyway! Hey, look! As it stands, the Constitution and
Bill of Rights have been nullified---they're no longer in effect now! The same thing would
happen to any new Economic Bill of Rights---if it were passed!
Huh? The existing Bill of Rights already covers this. There's no way to legislate the relief of a bear market or a downturn in the economy, since that would result in communism led by the federal government. However, I would suggest less spending for Foreign aid, and more for U.S. economic aid.
THAT SEEMS TO HAVE ELUDED THE ENTIRE REPUBLI''CON''
GOVERNMENT FOR THE PAST TEN YEARS.
HOPEFULLY PRESIDENT OBAMA CAN FIX THE CONSERVATIVE'S MESS
I think it time that the PEOPLE of this nation start hollering, and hollering VERY LOULDLY, that we will not stand for this any longer. Iam sickened by the number of small businessses that were striving to serve the people closing their doors because of the economy. I am sickened by the daily thrashing former VP Cheney, and other Republicans, find fault with what President Obama is trying to do to get the economy run smoothly again. in November 2008 the Republicans were voted out of office by the PEOPLE. Why do they still say their way, and their way only, will help the U.S.? They cannot get themselves together, how can their way be the only way to get the economy rolling again? Again, I say that it is time for the PEOPLE to rise up and shout, shout LONG and LOULDLY!
after the loss of my job and seeking ways around a voluntary surrender for the vehicle it is aparent no matter my standing with Ford Motor they are unwilling to work with the public and would rather see the loan go under against me of course then suffer and get less interest payments the greedy crusty company.
We shall see what happens down the road this is far from over for them..
I think we did a bad thing bailing out GM and should allow them to fail, crush the uNions and reform again a leaner more adapt company...
You say it was the absorption of retirement costs that made the cars unaffordable. Well, who made retirement costs out of line. Swallow hard. It was the unions.
Secondly, management agreed to outlandish pay and benefits after ridiculous strikes by the who? The Unions.
Finally, I stated that Executives played a part, but like Ross on Friends, it was a much smaller part than the main players which were, altogether now, the Unions.
Wake up and smell the coffee.