House Speaker Nancy Pelosi, D-Calif., mentioned today that a special bill is in the process of being drafted in order for the automotive sector to be able to dip into the $700 billion put away for the banking industry.
General Motors has announced that they need help and will need help in the future to stay afloat. This comes amidst wide speculation that GM’s stock might be worth $1 sometime soon. The stock value of GM is the lowest it’s been in a long time. The company is being constantly downgraded by analysts, which makes it’s comeback even more unlikely.
We can only hope that the federal government can provide enough money for the auto giants to stay afloat, as according to CNN for every 1 person working for one the Big Three, 9 others work for them at the second tier supplier level. With the destruction of the auto industry, one can only imagine where the countries economy might be headed.