Word: chryslers
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...stock market has been pointing to an improved economic picture. There has to be a lot of optimism built into a 20% stock market rise that takes less than half a month. But, news that GM (GM) or Chrysler might go bankrupt and that large American banks may need more government money pushed stocks down again. In a very short period of time, investors have begun to doubt whether there is a good chance that the recession will lose steam before the end of this year. The month which began with optimism is not closing out that way. (See pictures...
...American Electric Power (AEP), said that the year would be worse than expected. It probably is a sign of severe trouble when the electric company is cutting costs. Whether GM goes into bankruptcy or not, it is still shrinking its workforce. Last week 7,600 salaried workers took buyouts. Chrysler has employee buyout offers pending. Several large auto parts suppliers are still cutting people. In other words, industries which were in trouble six months ago are in as much or more trouble now. (See pictures of Detroit's decline...
...wanted came from an automaker that went bankrupt. A third survey, this one from Rasmussen, showed that 51% of consumer said they would not buy a car from a manufacturer in Chapter 11. While the poll results are not the same, they point to a similar conclusion. GM and Chrysler will lose a tremendous amount of business if they are operating in bankruptcy...
...Chrysler alone, nearly 200,000 jobs are at risk. If the bankruptcies ripple out to suppliers in the event that a judge voids some of their receivables, another several thousand jobs could be at stake. Then there are several amorphous estimates about people who work in fields related to the car companies. That could be industries as diverse as restaurants in Detroit and airline that fly there. It is probably safe to say that close to a million jobs are in jeopardy if the two car companies lose their independence. (See pictures of Detroit's decline...
...government wants the car companies to believe that it has put a Sword of Damocles over the head of the industry. If GM and Chrysler look up, they will see it is not really there...