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Will The Last One Out Turn Off The Lights? December 18, 2008

Posted by Kate Ryan in Auto Bail-Out, Economy, Unions.
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chrysler_detailDue to a lack of consumer credit and its inability to sell cars domestically, Chrysler LLC  announced today that it is suspending production at all its U.S. auto plants for 30 days.  A total of 46,000 workers will be laid off five days before Christmas.  Ho, ho, ho!  GM and Ford previously announced extended closures and shutdowns. 

Lest you think that this is just because the Big Three domestic auto makers are “building cars that nobody wants to buy”, consider this – Toyota has had to halt the completion and opening of its new Prius plant in Mississippi and Honda has revised it’s profit forcast downward by 67%.  Both companies explain that the surging yen (that makes Japanese imports more expensive), the recession, lack of available credit for buyers, and mounting unemployment as reasons behind their troubles.  Nissan, Kia, Volkswagon, and Hyundai have all announced lower profit forecasts.  In addition, Japan is looking to make loans to its car companies to get over the world-wide credit crisis.

Yet in this country, the current administration is sitting on its hands while Detroit twists in the wind.  The news is full of a dirty midwestern governor and a shyster who bilked a bunch of trust-fund babies out of a lot of money while ordinary American families are trying to decide whether to pay the light bill or buy food.   The banks, that got $700 billion to kick-start the economy and begin lending, are doing nothing.   Foreclosures keep rising and more and more people are in default on their credit cards.  The death spiral is slow but seems unstoppable.

Will the last American standing be kind enough to turn out the lights?

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Comments»

1. Bill Mishoe - December 19, 2008

Don’t cry too much for the Chrysler workers who are “laid off” for two weeks. Didn’t I hear today that they are still getting a major chunk of their salaries while they idle at home. Maybe the UAW should be running the country. They certainly take care of their members better than the U.S. government takes care of the rest of us.


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