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Friday, November 14, 2008

Failure of auto industry could set off chain reaction catastrophe

Advocates for US carmakers are warning that the collapse of the Big Three - or even just General Motors (GM) - could set off a catastrophic chain reaction in the economy, eliminating up to three million jobs and depriving governments of more than US$150 billion in tax revenue.

Earlier, I published an article "To Bailout Or Not to Bailout General Motors?" saying a bailout for automaker GM is not advisable. In summary, it says the bailout should not proceed and GM should file for bankruptcy.

Failure of auto industry could set off catastrophe [via]

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