So, I know everyone has heard about the next phase of the economic crisis: Detroit’s “Big Three” (General Motors, Ford and Chrysler) are rapidly losing money and teetering on the brink of bankruptcy.
Coincidentally, I was in Detroit from Oct 23-26 for the PRSSA National Conference, located at General Motors’ headquarters, “The RenCen.” As I dined with directors from GM, the lead sponsor of the conference, I would never have known all was not well. The building was buzzing, the employees were happy, and salespeople were doing “ride and drives” (test driving their upcoming vehicles) with all the conference attendees.
While I was in my island of a conference, I secluded myself from outside news. When I returned back to Philadelphia I realized I had just left the middle of the storm and had not even known it.
GM may be out of money by the end of the year and have to declare bankruptcy. They will not look at that as an option though, as they are continually trying to rally support in Washington for the next set of government aid to come their way.
But what do you think? Should the US government bailout the American auto industry or should we let our free market, capitalist economy play out?