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November 11th, 2008
09:45 PM ET

Live Blog from the Anchor Desk 11/11/08

Tonight on AC360°, the inside story on President-elect Barack Obama's meeting with President Bush at the Oval Office. Plus, the push to try to help America's "big three" automakers facing declining sales and profits. And, on this Veterans Day, Obama's battle plans for Afghanistan and Iraq.

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Filed under: Live Blog
soundoff (371 Responses)
  1. Marie

    It's time to straighten out the economic mess. Government bailout isn't working - it didn't open up the lending market. It's not going to help the basic problem with the automakers.

    Growing up, cars were bought and sold every two years - they didn't last much more than that. Then the US automakers "read the book" of Japanese automakers and we now have cars that last. It was during the last gas crisis in the 70s that the US automakers made the greatest change.

    They didn't learn their lesson then about keeping ahead of the market (or at least current with the target ). They need to change and the taxpayers don't need to finance it.

    November 11, 2008 at 10:15 pm |
  2. Kirk in Michigan

    What is our return on investment bailing out three big companies versus, say, tens of thousands of small and medium businesses that have a better track record? Put another way, which is a better use of our money: propping up bloated, near-sighted failing companies or encouraging innovative companies that, in aggregate, employ just as many people and are already positioned for growth?

    November 11, 2008 at 10:15 pm |
  3. Sheryl from Toronto Ontario

    Why is it the auto manufcturers are asking for help here when General Motors has just announced it is opening a manufacturing plant in Russia? What about keeping jobs here in North America?

    November 11, 2008 at 10:15 pm |
  4. Trish

    How can our government not support the auto industry while continuing to give our hard earned $$ to AIG who knowingly continues to abuse the money given to them???

    November 11, 2008 at 10:15 pm |
  5. Ian Sharp

    Anderson: In 1992 Chrysler had the opportunity to develop a world class technology in the Chrysler Patriot Hybrid vehicle. The actual development vehicle is in the basement of the Chrysler Museum at Chrysler HQ. It was thwarted by intrnal infighting of the very senior execs at the time in charge of Chrysler and extremely poor decision making at the time. Chrysler spent $60 million (of 1992 dollars) on it and then pulled the plug because the people charged with engineering it were not specialist in the discipline. A failed step to lead the world at the time.

    November 11, 2008 at 10:15 pm |
  6. Brandi - Amherst, MA

    Jason...I doubt coffee shops (at least the big ones) won't have to worry about bailouts...we all love coffee no matter how much it cost 🙂 But I wouldn't be surprise if Airline companies would need a bailout.

    November 11, 2008 at 10:15 pm |
  7. Candace from Canada

    I admit the layoffs are really bad, and can seriously hurt many communities, BUT how long have these industries been inflating their profits and costs to operate.

    2 years ago we didn't bling an eye to spend $50 000. on a new vehicle, what has happened?

    EVERYONE has extended their credit, buyers, auto makers, auto dealer we all got used to living large and look at where it has gotten us.

    These prices on top of the many great mortgage deals – no wonder we are all in trouble.
    There is no one bailing out the consumer – I don't think GM or any other Auto dealer should be bailed out.

    We Reap what we Sow.

    November 11, 2008 at 10:15 pm |
  8. Pablo in MO

    The car companies fail because of their own policies, they continue to make low quality vehicles that people just don't want to buy. I recently went car shopping and I ended up buying a foreign made car because compared to the cars the big 3 are making it was above and beyond in quality at the same price.

    November 11, 2008 at 10:15 pm |
  9. Allan, Bronx NY

    So many people depend on the Auto Industry. I recently lresigned from my job at Enterprise Rent a Car because The profits and commission were turning negative due to dismal car market. This is a private company that has been around for 50 years and just as recent as last week they made their first lay offs in 50 years. Please bail out the auto industry so more people dont begin the lose their jobs as well.

    November 11, 2008 at 10:15 pm |
  10. Jan

    Hi Anderson.
    In response to the university professor saying the automotive industry should be left to itself; inbetween today and the the new 'more efficient' industry he says will emerge, there will be unemployment, social deprivation, social problems, a rise in divorce, crime, delinquent children from broken homes, higher policing costs etc. It is much cheaper and healthier for society to step in now. Ideology shouldn't get in the way of that.

    November 11, 2008 at 10:15 pm |
  11. LuVorise

    So, we bail the big three out...in the short term, it will keep americans employed only for a little while however; what good does it do to through money at the problem when the big three not making the cars we want. And also, how does it asist the economy when credit is tight and we do not have jobs to pay just ordinary bills.

    November 11, 2008 at 10:14 pm |
  12. sharon from Indy

    Yes, the Big Three needs to become "Green," in the meantime, the workers need to make mortgage payments and feed their families.

    November 11, 2008 at 10:14 pm |
  13. ralph paduano

    Let's nationalize the big three like the banks we are bailing out!!!
    Everyone wants a freakin handout!!!!

    November 11, 2008 at 10:14 pm |
  14. ellis rogers

    I do not believe we should bailout the auto industry. Let the industry fail allowing for new inovative auto makers and allow the thing that made America strong and thats new ideas and small business to rule.

    November 11, 2008 at 10:14 pm |
  15. Anthony

    In the mid 70's the auto industry had a great chance to make a change that would have saved the industry and reduced our dependence on oil. Now they have a second chance, something many of us do not get, to do the same. Namely start developing national mass transcit. We do not need to enable a group of companies that is not in touch with what we as a society need to do.

    November 11, 2008 at 10:14 pm |
  16. MaryBeth

    Meredith: what remaining two? The big 3 are the only 3 in America.

    November 11, 2008 at 10:14 pm |
  17. George Daszkowsi

    The auto industry is so large and pervasive that most people don;t have enough imagination to understand the scale of the industry.

    More than anything they are the real hostages of the credit market.

    November 11, 2008 at 10:14 pm |
  18. Renee

    Hey Anderson! I'm getting worried about all these bailouts. We are in rough times and a lot of businesses are failing. We can't support them all. I don't think we can continue to give to Big Business.

    November 11, 2008 at 10:14 pm |
  19. Janine from PA.

    Bless all veterans today for their service and sacrifice. Obama had the support of unions, how will they feel when he has to tell them to give concessions in order to help save the auto industry? Wages will have to be reduced as part of whatever they do.

    November 11, 2008 at 10:14 pm |
  20. Donna F

    God Bless our Troops, present and past<3

    What the bailout does, is help with job reform...

    🙂 just kidding. The bailout needs to include the auto industry. Millions of jobs are in jeopardy. Innovation is in jeopardy. The American Auto industry needs to return to the good ol' Detroit streets (not literally). Enough of foreign auto makers, and their automatic parking, auto door shut, auto unlock system. Whatever happened to working for what you have? Make these cars cleaner, safer, and local. Our world depends on the auto industry, no reason to make them all go out of business, not to mention the little guys like the manufacturers and mechanics (like my dad) in small businesses.

    November 11, 2008 at 10:14 pm |
  21. Roy

    If we do bail out the car industry there should be stipulations such as buliding eco friendly cars and allow people to buy the car not just lease them

    November 11, 2008 at 10:14 pm |
  22. Cindi

    This seems like an opportunity to revolutionize the American auto industry and bring it up to the standards of Honda and Toyota with an emphasis on innovation and fuel economy. I would be very disappointed in any bailout plan that doesn not at least accomplish this goal.

    November 11, 2008 at 10:14 pm |
  23. Andres

    The arrogance of the big three just guarantees that they'll take the bailout money and sink it into more ads, telling us Americans demand gas guzzlers. Meanwhile Ford makes more fuel efficient models for sale in Europe. No thanks. The only way forward is to let them collapse, and let real American ingenuity take their place.

    November 11, 2008 at 10:14 pm |
  24. Imani from Maryland

    I think that we should do anything to save as many jobs as possible.

    November 11, 2008 at 10:14 pm |
  25. Voltaire

    Hi Anderson! As much as it will hurt our pockets, we've seen already what "letting the free-market control" will do for our economy. We should bite the bullet now and bail-out the auto industry as well. The jobs we create & save will do our country the most good in the long run.

    November 11, 2008 at 10:14 pm |
  26. Dulcie - Denver

    I'm not overjoyed at the idea of bailing out the Big 3, but it's not just the automakers themselves, but all of the jobs that depend on them down the line.

    We've already lost so many jobs that losing more that can't be easily replaced would be a nail in the coffin of the US economy. So I don't think we can afford NOT to bail them out.

    Also, they can't build new, fuel efficient, green cars if they go out of business, so technically this could fall under creating 'green' jobs as well. It's a bit of a stretch, but it doesn't have to be

    November 11, 2008 at 10:14 pm |
  27. Juanita Streysman

    Hello Anderson and fellow bloggers,

    I would just like to say that the whole bail out thing is getting out of control. How many more big companys are we gonna bail out. I am wondering if they are just standing in line for money? WHAT IS UP WITH THAT???

    November 11, 2008 at 10:14 pm |
  28. Marguerite

    Hi Anderson – first time blogger here. The bailout for Ford, GM and Chysler should only be allowed if the companies make significant changes in there autos. I have not owned an American made car in years. Hopefully, the quality is better now than in years past and with this econonmy, Americans are trying to get the best for their dollar.

    November 11, 2008 at 10:13 pm |
  29. Denise Kimball - Florida

    Auto bailout...Ok if the government would lend to the buyers at an interest rate of 1-2% and require all companies to sell all in stock autos at cost.

    November 11, 2008 at 10:13 pm |
  30. Nick Jones

    I do not support the bail out for the big 3. The economy runs in cycles. The economy will soon be back up and will support new a business that will make cars that the public will buy.

    November 11, 2008 at 10:13 pm |
  31. Matt

    Hi Anderson,

    Here we go again with the big 3 auto makers... Socialized Losses, but Privatized profits. When will the 10 figure paycheck executives give back to us, the American People?

    November 11, 2008 at 10:13 pm |
  32. billy

    any comments on what affect this car industry stuff will have on someone who sales cars as my self?

    November 11, 2008 at 10:13 pm |
  33. Charlie Carlucci

    The big 3 have nobody to blame but themselves...a bad product equals bad business equals no bailout

    November 11, 2008 at 10:13 pm |
  34. CaseyJ - Palm Springs, CA

    @Cortez...My Honda Civic is more American made than a Ford Mustang (look at the tag under the hood of your car or truck that states the content of the vehicle). The overseas brands that have plants in the U.S. are employing thousands of Americans and contributing tens of millions to local tax bases, and they have business models that work

    November 11, 2008 at 10:13 pm |
  35. Sandy

    The automakers should be helped. They built the product people wanted until the nation hit the wall on gas prices and the Wall Street greed ruined the economy. They certainly have made mistakes but they are not crooks and they did not risk billions of $$$ as did the Wall Street greed which made a small group of people rich and a nation poor

    November 11, 2008 at 10:13 pm |
  36. Patrick

    The US auto industry has continually failed to look to the future and has insisted on producing larger and less fuel efficinet cars than every European country as well as China and Japan.

    Now the infrastructure is less innovative and only the market can correct it. Why bail out a sector which will produce a greater supply with less demand?!

    November 11, 2008 at 10:13 pm |
  37. sharon from Indy

    More innovative in their product lines...hmmm...what about the companies and individuals that supply the Big Three? What do they have to do with innovative product lines? These are companies dependent on the car industry. It is not just Ford, Chrysler and GM; it is the small manufactures in the small towns that will be hit severely as well.

    November 11, 2008 at 10:13 pm |
  38. Sam

    When people are not going to buy the vehicles made by the BIG 3, there is no point saving the BIG 3. Rather, let it go, let them merge into 1, and they should make better cars than Honda or Toyota that run on alternate fuel.

    November 11, 2008 at 10:13 pm |
  39. Rik, RI

    Let'm fail. That's capitolism. Someone will pick up the pieces and remake these failed, bloated, misguided industries. Be it the germans or the japanese, they will be remade and not at tax payers expense.

    November 11, 2008 at 10:13 pm |
  40. Parsa

    We cant bail out every company that needs one. What happened to trial and error. This should be a lesson for every company to yield to the warnings that are given to them. Didnt we warn GM about rising gas prices and to produce more fuel-effiecient cars and smaller cars instead they continued making big, gas loving, SUVS. We should be bailing out the morgages from the banks and not the companies that made mistakes

    November 11, 2008 at 10:13 pm |
  41. Mark Blanco

    Our government spending has progressively been worse in the past decade. Pushing initiatives to tackle expansionary-fiscal policies implemented by President Bush destroys our taxing and spending theory. Why would we have to expand our wallets to spend when no government entity has made vast improvements in its basic economic theories?

    November 11, 2008 at 10:13 pm |
  42. Scott O.

    I hope we don't bail out the auto industry. We're acting like the old Soviet Union - propping up industries that produce products for which there's no demand. Yes, the fallout will be terrible. But maybe it's what this company needs. We've shipped all of our manufacturing overseas. Our dollar is worth nothing. Maybe once we hit bottom, we can begin to rebuild our once proud manufacturing sector and make American products worth owning again.

    November 11, 2008 at 10:13 pm |
  43. john

    It's not that automakers are making bad cars, it is that no one is loaning money for people to buy them. Wipe out peoples debt and they will buy again......

    November 11, 2008 at 10:13 pm |
  44. beth

    A careful assessment must be made to ensure any capital provided to auto manufacturers is not just a temporary solution. GM, for example, has significant union obligations that may make it difficult for the company to recover. Perhaps letting GM go is a better option.

    I worry though for its employees.

    November 11, 2008 at 10:12 pm |
  45. Tony Schaarschmidt

    This Is Huge For Every Auto Worker thereare 7 more people working because of them

    November 11, 2008 at 10:12 pm |
  46. Jeff C.

    we as a country, absolutely need a buyout of the big three. The automotive industry is one of the backbones of the american economy from the very beginning. If a buyout does not happen, and our government lets it go down, what blue collar industry will they let go down next? The steel industry?

    November 11, 2008 at 10:12 pm |
  47. russell d landis

    GM should not have been making sherman tanks and should have been thinking small,,

    November 11, 2008 at 10:12 pm |
  48. Jeanette

    When do the bailouts end?? I hope there's ink left in the printer when my turn for a reward for not managing my money well comes around.

    November 11, 2008 at 10:12 pm |
  49. Mary H. St. Louis, MO

    I'm torn on this one. That many jobs lost is really scary so I think the gov't needs to do something.

    I wish I need a new or a second car, I should would consider helping out and buying American.

    November 11, 2008 at 10:12 pm |
  50. Mollie

    Even if it means trouble for us later, we should not bail them out. They try making so much money off of us and it's come back to bite them. We shouldn't have to pay for their mistakes. At this rate, we're going to have to bail everyone out.

    November 11, 2008 at 10:12 pm |
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