Word: iacocca
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...automobile makers. For this week's cover story on the present plight and future prospects of the nation's most important industry, Seaman could draw on familiar sources, including the top executives of General Motors, Ford and Chrysler. One whom he knows especially well: Chrysler Chairman Lee Iacocca. Seaman is the co-author of a forthcoming book on the ailing auto firm and its new chief. Last year he brought the ebullient executive to New York City to meet with TIME's editors...
...white-collar workers are now out of jobs. Nearly a dozen auto plants have closed, probably forever, and 1,469 car dealers have boarded up their doors. Looking at a worst of all possible worlds, which would be the result if recent trends continue, Chrysler Chairman Lee A. Iacocca says: "If you take that scenario, by next April we're bankrupt. By October, Ford is bankrupt. By the following October, GM is bankrupt...
...price tag. Said General Motors President Elliott M. Estes: "We can't quite add all that up yet." Most Detroit officials were disappointed that the President had failed to promise an immediate reduction in Japanese imports, as demanded by the U.A.W., Ford and Chrysler. Groused Chrysler Chairman Lee Iacocca: "It seems almost insane to have 300,000 people on the street here, with the Japanese working Saturdays and Sundays...
...biggest issue on everyone's mind, however, was rising foreign imports, which now account for 27% of the cars and trucks sold in the U.S. But the automakers were split on the issue. Chrysler's Iacocca wanted a "gentleman's agreement" with the Japanese to cut back exports; Ford's chairman, Philip Caldwell, and the U.A.W.'s Fraser wanted still tougher restrictions; GM's Murphy opposed forcing a halt in imports from Japan. In the midst of his plea for pressure on the Japanese, Fraser looked across the polished table and saw Murphy about...
Despite the soothing words from the White House, Detroit has many difficult miles to go before next fall, when new lines of American cars that can compete with the Japanese arrive at dealer showrooms. Said Iacocca last week: "The next six months to a year are going to be pure hell...