US Auto industry comes with hat in hand for Government bailout after years of stubbornly lobbying against regulations to making more efficient and environmentally clean cars.
The chief executives of the Detroit's automakers and the UAW president met with House Speaker Nancy Pelosi yesterday to discuss the possibility of a second $25-billion loan to the companies, as General Motors Corp. prepares to report financial results Friday that will sound new alarms about the industry's need for aid. The Center for Automotive Research said Wednesday that if the Detroit automakers cut U.S. operations by 50%, 2.5 million jobs could be lost in 2009. Of those, 250,000 would come from automakers, 800,000 would come from suppliers, and 1.4 million other jobs from a ripple effect.
Note EU-Digest: One would only hope the US government makes sure that before any loan or handout is given to the auto industry it includes stringent regulations and deadlines for producing more efficient and environmentally clean cars.
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