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House Speaker Nancy Pelosi Calls for Government to Bailout Auto Industry
Less than a month after the U.S. government past measures to bailout Wall Street, House of Representatives Speaker Nancy Pelosi has called for a bailout of the auto industry as the nation’s leading car manufacturers face severe financial problems in the current economy.
Pelosi wants to allow car manufacturers to have the ability to apply for money out of the $700 billion bailout package that was already approved in October.
The House Speaker has warned that failure to aid car manufacturers would likely result in their collapse and stressed the need to release funds to sustain the car industry.
With General Motors announcing an operating loss of $4.2 billion in the third quarter and Ford reporting losses of $2.98 billion during the same period the U.S. auto making industry has suffered tremendously from slumping sales and the current credit crunch.
While it is clear the car manufacturers need money the idea of a bailout package has not been popular among many who say the government must draw the line and if the government continues to bailout individual corporations more problems will be created.
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