Wednesday, November 5, 2008

Cerberus chief: Country can't let automakers fail

Cerberus chief: Country can't let automakers fail

Tom Krisher / Associated Press
DETROIT -- A top official of the company that owns most of Chrysler LLC says the country needs an economic stimulus package and must make sure the U.S. auto industry doesn't fail.

Cerberus Capital Management LP Chairman John Snow said Wednesday that president-elect Barack Obama and his treasury secretary need a bipartisan plan to counter the worst economic downturn in about 50 years.

"What we need is to make sure that a vital industry like autos ... which is such a big part of the overall economy, doesn't lead us into a deeper and harsher downturn," Snow said in an interview on the CNBC cable channel. "The collapse of the auto industry at this time would be devastating for a new president." ...article

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  1. The car companies have failed due too poor management. Why should we give our tax dollars to save a business that was poorly ran?
    $700Billion dollar wall street bailout was a scam!

  2. Because if we (GM) fail, oh about 3 Million people will be effected! 10 percent of the United States jobs are related to the autocompanies!