Detroit links bailout, national defense
Posted: Wednesday, November 19, 2008 9:13 pm
WASHINGTON (AP) — In an increasingly anxious campaign for a $25 billion government rescue, Detroit’s Bp., Ford Motor Co. and Chrysler LLC long ago exited the defense business. While many of their suppliers also make the parts used be hit by the wave if one of the Big Three collapsed, defense experts see little immediate risk to the armed forces beyond pa a stretch, quite frankly,” said retired Army Lt. Gen. John Caldwell, chairman of the National Defense Industrial Association’ think they’re grasping at straws.”
Chrysler’s chief executive, Robert Nardelli, told the Senate Banking Committee on Tuetry “would undermine our nation’s ability to respond to military challenges and would threaten our national security.”
A testify before the House Financial Services Committee on Wednesday.
In a video posted on the Web earlier this week, Generahe U.S. would have to rely on foreign companies to manufacture military equipment, the company said.
On Sunday, retired Ar the rapid production of mine-resistant, ambush-protected vehicles as evidence of what a healthy domestic automotive sector can of the so-called “MRAPs” that protect U.S. troops from roadside bombs have been built in the last few years and sent to Iraqain most auto parts suppliers, making a strong commercial industry key to their survival.
TRW Automotive Holdings Corp., whtired Marine Corps officer and a military analyst at the Center for Strategic and Budgetary Assessments in Washington.
“Is it in our best interest to have a robust commercial automotive industry? Absolutely,” Wood said. “Would we prefer to have domestic innovation and production advantages? Of course. But I think the argument of propping up the Big Three as a national security imperative is marginal at best.”
When the Pentagon needed MRAPs in a hurry, it turned to traditional defense companilarly, the Army and Marine Corps are buying a vehicle to replace the venerable Humvee and awarded contracts to manufacturers wilitary trucks.
“The defense sector has become so specialized that much of it is completely separate from the commercial satic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. automakers and supplieublican lawmakers object. Instead, Republicans propose diverting $25 billion approved by Congress in September — intended to heongress said another $25 billion in emergency loans is needed to prevent one or more of their companies from going under before50 billion in total federal aid.
Treasury Secretary Henry Paulson told Congress on Tuesday the administration remains oppos Net:
General Motors: www.gmfactsandfiction.com