"What's good for the country is good for General Motors, and vice versa," Charles Wilson, the former head of GM, said more than 50 years ago. And now, GM with Detroit's other big players, Ford and Chrysler, who together make up the auto industry's Big 3, must try to convince Congress that what's good for them is indeed good for the country.
As the Big 3 auto execs ventured over to Capitol Hill, Business 24-7 features an AFP article to give the lowdown of the $25 billion bailout package and the likely problems it will face in Congress. According to the article, the CEOs of GM, Ford and Chrysler will have to plea to Congressional Republicans who are unlikely to give another federal bailout like the one approved for Wall Street to the suffering industry.
In the midst of the Big 3's preparation to present the multi-billion-dollar bailout plan to Congress, Wired blog reported on an e-mail it obtained in which Troy Clarke, the president of GM North America urged 29,000 employees to lobby to their representatives to support the bailout.
But even as the sitaution for the major auto players seems to grow more dire, CNET's Declan McCullagh said, "Detroit's problems aren't caused by a one-time slump. They can't be fixed by another infusion of cash," and does not think a bailout is the answer.
Photo from AP Graphics Bank
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