This makes sense, but what happened to the money that was supposed to go to the banks to use for lending?
Attempting to cut costs, GM was halting construction of a plant tied to one of its most important projects, the Volt. Ford also said it will shut down 10 plants for an extra week in January because of sluggish sales.
Chrysler said it would extend the normal two-week holiday shutdown that begins Friday to at least Jan. 19 at all 30 of its factories due to slumping sales.
The lack of consumer credit is hampering sales and forcing the production cuts, Chrysler LLC said in a statement. Chrysler, Jeep and Dodge dealers say they have willing buyers for vehicles, but they can’t close the deals, Chrysler said.
“The dealers have stated that they have lost an estimated 20 to 25 percent of their volume because of this credit situation,” the statement said.
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When I heard about Bush trying to come up with a deal and then Chrysler and GM talking about a merger, I thought to myself, ‘The free market is trying to work, but BUSH is standing in the way?’ Huh? A republican? We are living in the twighlight zone, my dear. Nice post.
http://www.mishmashzone.com/2008/12/18/chrysler-gm-and-ford-closing-plants-up-to-30-days/