The not-so-Big Three

Friday, December 12, 2008

CBC news

General Motors, Ford, and Chrysler also known as the “Big Three” automakers have been the largest and healthiest companies for a long time. With the “death of a financial assistance bill in the US Senate on December 11” they are not considered so big any more. The “Big Three” have been experiencing some difficulties in the past but nothing as influential as today’s decrease in economy. The automakers are only getting about $14 billion US in “new cash”, which is only half of what they were expecting. These automakers lost about 45 percent of their sales this year. As a result of cutting back in production it affected many workers by loosing their jobs. Workers are not only loosing jobs in auto making companies but all over the world in general. The crises in the US seems to be spreading and affecting the whole world. Companies need less workers as a result of not having enough sales. With the loss of even more jobs the sales of companies will decrease even more leading into a large economic crises. The government needs to make sure that it doesn’t happen or at least should try to prevent the worst effects of the crises.

http://www.cbc.ca/money/story/2008/12/10/f-big-three-bailout.html