Not the kind of talk I like to hear when I'm getting ready to hand $30 billion dollars to someone for free. That sounds kind of like a threat.
A top Chrysler executive warned Wednesday that a carmaker collapse could send the economy spiraling into a depression, while the United Auto Workers agreed to new concessions for their companies.Not to mention, consumers, and the markets, really doesn't need to hear people throwing the d-word around. I suspect we have no choice but to bail Detroit out, but if we don't do it right we're going to be bailing them out again and again and again every 3 to 6 months (think never-ending Iraq war supplementals).
Jim Press, Chrysler's vice chairman, said the U.S. automakers were "down to months left," as industry officials ratcheted up a fierce lobbying push to persuade Congress to approve as much as $34 billion in emergency aid.
"We're on the brink with the U.S. auto manufacturing industry," Press told The Associated Press in an interview. "If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it's a huge blow. It could trigger a depression."
