An industry that brought most African American families from the impoverished and racist region of the south, is losing its grip as a national powerhouse. These days the auto industry has taken a page from Wall Street and wants help from the government to get out from under the financial strain in which it has been under for the last few years. Gas prices obviously did not help the industry. Even though the gas prices have subsided, consumers are still hesitant to spend their money at a new car lot.
The question is now, does the government help the auto industry. Of course here in Michigan, we think it is obvious that some sort of aid is needed, but that's solely because our state's economy depends the strength of the automobile industry.
The Big 3 auto executives are set to meet members of congress as well as members of Obama's economic advisory board, but will they prevail. Unfortunately, the fate of the state as well as the city hangs in the balance as the industry that made the city struggles to stay afloat.
The major concern is that the top executives continue to receive bonuses and high salaries when the companies they are running are turning over drastically lower profits the last three quarters. However, plants and jobs continue to be terminated in an effort to compensate for quarterly losses. Who'd have ever thought that an industry that brought together people from all walks of life to Detroit making more money than they thought was possible would someday become a business with one foot in the grave and the other on a banana peel? Catch ya' on the FLIPSIDE.
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