The boss of the US’s biggest carmaker, General Motors, is personally lobbying the Bush administration for aid of up to $10bn (£6.3bn) to prop up a merger with Chrysler.
Political and economic pressure is mounting on the US treasury to step in to avert the possibility of a bankruptcy of one of Detroit’s leading carmakers, which could jeopardise hundreds of thousands of jobs. As its woes worsen, GM scaled back financing deals on offer in seven European countries yesterday.
Nope. Let either or both of them go bust.
Let’s have a little more of that creative destruction which, in the longer term, creates all this wealth that we enjoy.