Senior executives from Ford, General Motors and Chrysler testified this week before Congress about the need for emergency financial aid to prevent the collapse of the U.S. auto industry, an outcome that would lead the loss of millions of jobs and cripple state and local economies nationwide.
What was most remarkable about the prospect of an essential American industry facing ruin was the response of some legislators who suggested the global credit crisis was an opportunity for auto makers to declare bankruptcy and break the unions.
“It is not only disturbing, it is thoroughly repellant that some lawmakers are so deaf and blind to the problems facing ordinary working people that they would fan the flames of this unprecedented financial crisis to satisfy a personal anti-union bias,” said IP Tom Buffenbarger. “We need to address this crisis quickly or the consequences will be more severe and more far reaching than we can imagine.”
Due to the global credit crisis, car and truck sales have fallen to the lowest level in 25 years, forcing auto companies to burn through their cash reserves, with some reports predicting General Motors could run out of money and be forced to shut down by the end of the year.
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