Frank Sees 'Disaster' if Auto Industry Fails
4:54 PM Fri, Dec 05, 2008 | Permalink
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Richard Wagoner, chief executive of General Motors, Robert L. Nardelli, chief executive of Chrysler, Alan R. Mulally, chief executive of Ford, and Ron Gettelfinger, head of the United Automobile Workers, during the House Financial Services Committee hearing on the bailout of the Detroit automakers on Friday. WASHINGTON -- After being assailed on Capitol Hill a day earlier, the Detroit automakers' bid for billions of dollars in federal aid was received more favorably by some lawmakers following the news that another 533,000 Americans lost their jobs during November, according to The New York Times. With two of the Big Three automakers teetering close to bankruptcy, several members of the House Financial Services Committee appeared willing to support some form of emergency assistance to prevent another blow to the faltering economy. "It's fair to say the jobs report, the disastrous jobs report, has heightened the interest to do something," said Representative Barney Frank, the Massachusetts Democrat who heads the committee. "There is a lot more agreement that we should do something." 
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