McCain has no plans for Detroit bailout

[jamz]

Filed under: Economy, Government/Legal, Green, Hirings/Firings/Layoffs, Plants/Manufacturing, Chrysler, LLC., Ford, GM, Earnings/Financials


Back in the late seventies and into early eighties, Chrysler had gotten itself into such horrid financial shape that the U.S. government decided to step in and fix the situation itself. Considering the sorry state of affairs that all three of the Detroit automakers find themselves in today, some may wonder if a government-funded bailout is in the cards. Not so much... at least according to John McCain. "Frankly I just don't see a scenario where the federal government would come in and bail out any industry in America today," says the Republican.

So, what plan does McCain have in store for the Detroit 3? More Chevrolet Cobalts and Pontiac G5s for one, as the Arizona Senator said the above words after touring the plant in Lordstown, Ohio where the GM compact cars are made and a where third shift has just been added. "I am convinced that what is being done at the Lordstown assembly plant is the future of the American auto industry," added McCain.

In more related good news for the U.S. automakers, McCain says he supports nationwide CO2 standards and would oppose any state's individual plans -- California, we're looking at you. The Presidential hopeful also wants to see more fair-trade standards implemented with the other various auto-building nations and quicker violations for unfair practices. We await a response from the Democratic side.

[Sources: The Detroit News, Automotive News - sub. req'd]
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