There are many reasons. As the big three goes so goes Detroit. They have raised taxes too much also. Mostly, the big three has been hurt by really unfair trade. Did you know the Japanese will allow only a paltry amount of American cars in Japan? Same thing in Korea and Europe. The only truly open markets are American markets. When the G20 meeting participants said no to protectionism, they meant America should not protect its own markets. All of the rest of those countries already have protection in place.
I will not dispute that there has been mismanagement, arrogant union demands and sometime poor quality in the American Auto industry in the past. However, real reforms have been made. We have a chance not just to survive but to win-to become the world’s leaders in new technology. Every auto company in the world is in big trouble. All will receive a bail out. The only country apparently that would be stupid enough to destroy an entire industry is the United States. Our economic policies or lack there of are completely ridiculous and have really hurt this country and its people.
Thanks. There are so many factors, a perfect storm.