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Politics : President Barack Obama
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To: Lizzie Tudor who wrote (45268)11/20/2008 1:54:16 PM
From: stockman_scott  Read Replies (1) of 149317
 
Congress and Obama's new "Auto Czar" will have to deal with that but we have the immediate need to provide a bridge loan to the automotive industry -- way too many jobs and related industries are at stake...Congress has been very stubborn...and most in Congress don't really understand the automobile industry and it's extensive supply chain...

This is the real deal folks so you better batten down the hatches. If the 3 domestics stop buying alumunium from Alcoa, steel from the major steel producers, glass and rubber from companies like Goodyear then the prices on commodities will skyrocket. They have to. The major 97 suppliers provide parts not just to the auto industry (but the auto industry is the major buyer) but to Boeing, and to all the Import transplants like Toyota, The commercial food industry, etc etc. A worst case scenario is that the Big 3 could take down many suppliers but also firms in many related industries...and then the domestic auto industry may not restart in any earnest fashion for several years if ever.

Bush has no appreciation for what is really going on...I can imagine Bill Clinton and how engaged he would be if our economy faced the current situation...We have great systemic risk if we let the large automakers fail in this deep recession...It's not a roll of the dice that we should take.
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