A Great Automotive Rebuttal- Gm, Chrysler, Ford, Hyundai,Nissan

The Big Three should get the money they need to consolidate and change the direction of the auto industry. The major players will have to work together to survive and build alternative power standardization. Everyone has been screaming they want alternative energy and want to stop the dependency on foreign oil!..Well, If you want electric and hydrogen powered cars,you'll have to pay for the infrastructure overhaul!

Here is a great rebuttal to the Financial Times article (Why Detroit is not Wall Street)The article says The Big 3 Will Fail and Should not be bailed out!


From Mr Stephen J. Collins.

Sir, Your editorial “Why Detroit is not Wall Street” (October 31) takes a disappointingly narrow and harsh view of the unprecedented shocks confronting Chrysler, Ford and General Motors. It also vastly underestimates the importance of the car industry to the US economy.

As the current global economic crisis stabilises, these companies do have the ability to recover and continue their vital role in the future of US manufacturing. The alternative would be a tragedy that would have a devastating impact on the US economy and further diminish the US's competitive standing.

The three American car companies generate 5m American jobs and employ seven out of 10 American car workers. No other American industry generates more employment, annual economic output, exports and retail business.

Your editorial maintains that “bailing out one or more of the carmakers would only delay the inevitable”. But what is being proposed is a partnership between the Detroit carmakers with the US government for advanced automotive research and development and alternative fuel technologies in order to meet our national energy goals. Partnerships like this are what governments around the world have been doing for years to support their national car industries.

The transformation of the US car industry to a new and different energy future is well under way, but the financial crisis and dramatic economic slowdown are presenting huge challenges.

The solution lies in working together – government, management and labour – towards solutions that will get our economy and our industry through this crisis and retain US leadership in the global automotive industry.

Stephen J. Collins,
President,
Automotive Trade Policy Council,
Washington, DC, US
On behalf of Chrysler LLC, Ford Motor Company and General Motors Corporation


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