Auto Suppliers Share in the Anxiety
9:50 AM Fri, Dec 12, 2008 | Permalink
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Projo Cars Blog |
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DETROIT -- With Congress failing to agree on a bailout for Detroit, the odds that General Motors and Chrysler will be insolvent by year's end are growing rapidly, according to The New York Times. The companies have been warning that they would run out of money for some time, but crushing bills from their suppliers are coming due. It appeared unlikely that they could hold on until President-elect Barack Obama takes office next month, when he and a new Congress might be able to provide a lifeline, as a Congressional rescue this year looked increasingly unlikely. As a result, the hypotheticals about the domino effect of the companies' troubles through the vast network of auto supplier firms -- which employ more than twice as many workers as the carmakers -- are becoming real. 
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