US Auto Industry Seeks 25 Billion Dollar BailoutThe economy has rocked a lot of major industries in the last few months, but few have been hit quite as hard as the U.S. auto industry. Top executives from Detroit's big three automakers, GM, Ford, and Chrysler, went before Congress recently to plead for a 25 billion dollar bailout loan that is necessary to save the companies, whose sales have plummeted in the last year as consumers are purchasing fewer cars and looking to get more fuel efficient cars from foreign companies when they do buy new vehicles. The executives argued that without the stopgap loan, they would probably fold, which would cause an economic catastrophe as three million of autoworkers would be laid off within the year. Lawmakers on Capitol Hill were not sympathetic, taking the opportunity to vent frustration with the companies. Banking committee chairman Chris Dodd told the executives that their industry was “seeking treatments for wounds that I believe to a large extent were self-inflicted” after years of selling gas ...
