Let Detroit Go Bankrupt

WHat do you mean?, Lamborghini was completly taken in over in '98 by a foreign company: Audi..

Originally posted by ANNED
Letting the US automakers go bankrupt will doom the fuel-cell and electric car in the US. the foreign car makers will have no incentive to make electric or fuel cell cars if the have no competition from the US automakers.

They also will not have access to the research and patents for the fuel cell and battery tech of US companies.
So they will have to steal this tech and then they would be banned by customs from importing these car into the US under US patent protection laws.
The Chinese have long counterfeited US patent protected products when they are found at US ports they are seized and destroyed.

This would cause any new American clean car technology to be sold to companies overseas and the jobs in this technoligy will go with it and not stay in the US

Dear Mr. blanky blank:

Immediate support is needed to shore up our automotive manufacturing sector and to preserve the more than 2.5 million jobs directly and indirectly linked to the U.S. auto industry. This morning, I testified in front of the House Financial Services Committee to emphasize the need for Congress to take swift action on behalf of our nation’s automakers. Standing idly by as the financial crisis decimates our domestic manufacturing capabilities and pulls our fragile economy further into recession is unacceptable.

Throughout the world, the dire financial crisis continues to spur governments to provide assistance to their manufacturing industries, which are not able to obtain the credit they so vitally need to continue operations. Both Germany and the European Union are studying the possibility of providing support for their automotive industries. Australia has provided more than $4 billion in funding for its vehicle manufacturers. Automotive manufacturers in China are already voicing their expectation of financial assistance from their government as well. “The Chinese government will undoubtedly support us,” says She Cairong, general manager of JAC Motors, a Chinese automobile manufacturer. This quote appeared in a New York Times article this morning, highlighting China’s consideration of a plan to provide assistance to its domestic automobile companies.

The spotlight is now focused on Congress, which is considering the possibility of rescuing the industry from an economic downturn not of its own making. President-elect Obama has called the U.S. auto industry “the backbone of American manufacturing” and said that the failure of our domestic automakers would be “a disaster” for our economy. President Bush, Speaker Pelosi, and both the Majority and Minority Leaders of the Senate agree that bridge loans for our domestic automakers are necessary at this time. I will continue to work with my colleagues in the Senate and the Congressional Leadership to come up with a plan that would provide auto manufacturers with the bridge loans they need to weather this financial storm.

You can read the transcript of my testimony before the House Financial Services Committee by clicking on the following link: [levin.senate.gov...]. During these difficult times, I am doing everything within my power to convince the Congress to provide the bridge loans for the domestic auto industry that the President, the President-elect and the leaders from both houses of Congress support.
Sincerely,
Carl Levin

Originally posted by Realtruth
I think people here better think about this a bit longer, instead of saying let them burn.

How many people do the Auto industry employee? GM 266,000
Ford 87,700 Chrysler 132,130


How many third party companies produces parts for the big 3 in the USA?

How many insurance companies rely on policies from the big 3 and it's employees?

Where do most of the big 3's employees spend their extra income?

How much of the stock market is held up by 401K's from the big 3's employees?

If we don't produce cars here in the USA, but in foreign countries the money flows out of the USA.

Now let's look at the US Government 1.8 million employees, excluding postal workers. And what does the government produce?

Absolutely nothing. I smell this country is going Socialistic. We've lost our edge and the financial market is reflecting it.