Big Three Bailout: Market Watchers Weigh In
The automotive industry is pushing for an emergency government loan of at least $25 billion to fend off a cash crunch. This so-called bridge loan would be in addition to a $25 billion loan Congress approved in September for the industry. CNBC asked market watchers to weigh in.
“Bankruptcy is a financial phenomenon and the operations go on. General Motors and the auto companies need to be made stronger. We should give them the opportunity to be made stronger, but one thing we can be assured of is that we’re not going to make them stronger by putting the honey pot in front of them.”
- Frank Lorenzo, Former Continental Airlines CEO
“I think it would be an absolute travesty that the reckless behavior of Wall Street result in the sweeping away of the American automobile industry, and the consequences for the economy would be catastrophic.”
- Mike Jackson, AutoNation Chairman & CEO
"This American car industry is a big joke. It's been for years and let's just let it fail and move on."
- David Karsbol, Saxo Bank Marketing Strategist