It appears that help for the nation’s three largest automakers will continue to be delayed as supporters of aid for Detroit met with vehement opposition from Washington. While most believe that a bailout is imminent, Hank Paulson is standing firm on leaving TARP funds for banks, even as the auto industry suffers.
According to the Center for Automotive Research, a major failure in Detroit could spark the loss of 2.5 million jobs, and up to $125 billion in personal income. Turn-around expert Wilbur Ross warns that leaving the automakers for bankruptcy could cause far greater damage to the economy than that caused by a bailout.
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