The leaders of General Motors Corp, Chrysler LLC and Ford Motor Co are testifying before the U.S. Congress this week.
Without a bailout, GM and Chrysler have advised, they risk running short of cash in the next few months.Analysts warn that a bankruptcy by any of the Detroit Three would touch off a cascade of failures that would cost tens of thousands of jobs and threaten retiree benefits for millions more.
The U.S automakers employ 240,000 in the United States directly. Indirectly they support more than 4.5 million other workers including thousands of dealerships and parts suppliers. Up to 3 million jobs could be at stake in a bankruptcy.
If a bailout passes, governments in Europe and Asia will almost certainly seek assurances that a bailout would not give U.S. car makers an unfair trade advantage in the U.S. market. Unfair advantage?
What do you think of a bailout of the Big Three U.S. automakers? Should we bail them out? Can we afford a potential to lose 3 million jobs?
