UAW Chief: Big Three 'Collapse' Could Be Imminent
United Auto Workers chief Ron Gettelfinger is holding a press conference right now giving an impassioned and emotional appeal to Congress and President Bush to approve a $25 billion bridge loan to GM, Ford and Chrysler before adjourning or they could face dire consequences.
"Inaction is simply not an option," Gettelfinger said. "Without immediate action, we could see -- and I stress 'could see' -- the collapse of one or more of the domestic automakers by the end of the year."
Gettelfinger said "the costs that would flow from that are simply too great," citing the loss of some 3 million jobs in Detroit and related industries and the cost to retirees.
"The Bush Administration and Congress needs to act now -- today -- to provide an emergency bridge loan to enable these companies to continue operations until the Obama administration can put in place" new policies ensuring their long-term survival, Gettelfinger said.
"Congress must not adjourn" without doing so, he said.
-- Frank Ahrens
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November 20, 2008; 12:16 PM ET
Categories: The Ticker | Tags: Detroit bailout, UAW, automakers
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