Today Obama said the auto industry is the backbone of the American manufacturing...

[jenmito]

Jay Gray, NBC News-Detroit said he thinks the market was bolstered by those comments. And the market is up about 250 points now.

[Bread and Circus]

1. Well, think about it...other than cars...what do you see around you that we really make to any...

ubiquitous degree?

[jenmito]

4. Apple pies?

:D

[Kolesar]

5. Medical products, jets, agricultural machines, molded plastic, software, paint, furniture, fabrics,

...HVAC and controls, food packaging, ...etc...

[tabatha]

6. People need cars to get to work to make those.

[Catshrink]

7. Furniture manufacturing is moving overseas as are fabrics.

Think of all the textile jobs that have been lost in the South over the past two decades.

[Bread and Circus]

20. many of those things aren't ubiquitous and certainly aren't the backbone of our manufacturing econ.

[arcadian]

11. Financial institutions

n/t

[high density]

12. toilet paper

bad mortgages


:)

[hamsterjill]

2. Obama is right in my opinion

I don't care whether you love GM or hate GM, but if it were to fail, the repercussions would make Lehman Brothers, et al look like small potatoes.

Just think of all of the employees, not only of GM, but of its suppliers, the impact on the auto insurance industry, etc., etc., etc. The ramifications would be huge.

[olkaz]

3. That's just completely incorrect.

If AIG and all the other related banks had failed, the repercussions would have dwarfed a failure in auto manufacturing. I mean, it wouldn't have even been close.

Yes, the employees, suppliers, etc would have been up shit creek, but that's it. One market. The financial world touches **everything**.

[tabatha]

8. backbone of MANUFACTURING

[HiFructosePronSyrup]

9. I don't think anybody wants it to fail.

They just don't want to waste their money buying shitty GM cars.

[Kolesar]

10. With ya'. Automakers depend upon customer perceptions

and a bankruptcy could drive prospective customers away for long enough that the company would never recover.

Those health benefits for retirees are worth a lot.

Hey, I just wrote to my congressman *for* an auto bailout.

[TexasObserver]

13. No way in hell is Obama going to be president when the US auto industry dies.

Bet on a bailout for the auto industry.

[Ichingcarpenter]

14. Auto Dealers make up 17% of our economy

I think I heard that outrageous number somewhere
so don't quote me on that.
however



We had 3 dealerships close in our neighboring town
and it really has killed the town's economy.

[skeewee08]

15. See what happens when

Obama speaks the Markets goes up.

[dissemination]

16. they are asking for Federal $$.--a bailout.

[blue_onyx]

17. I so happy Obama is our new president

He's the right guy for this challenging time. After seeing all the posts on DU saying to just let the US auto companies die, it nice to hear that Obama has given Michigan's main industry some support.

[Raschel]

18. He must be reading DU. I just posted that the other day!

[MadrasT]

19. I smell a stick save in the works for GM...