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GM Bankruptcy Could Trigger Depression, Says Expert (David Cole

GM Bankruptcy Could Trigger Depression, Says Expert (David Cole

GM Bankruptcy Could Trigger Depression, Says Expert
Updated: Friday, 29 May 2009, 10:07 PM EDT
Published : Friday, 29 May 2009, 10:07 PM EDT

By Tim Skubick
FOX 2 News

The possible Fiat-Chrysler alliance is getting good reviews on Mackinac Island where business leaders are in day three of their annual conference. However, with the likely bankruptcy at General Motors, one industry expert is using the "D" word for depression.

There is no joy at Ford if its competitor GM goes into bankruptcy, but some argue the automaker will actually sell more cars. However, the company's executive chairman is not so sure. "You could make an argument both ways. Some people may feel compelled to support a company that was in distress. Others may be turned off by it," said Bill Ford, Jr.

The audience of business leaders and politicians on the island have gotten an earful about alternative energy, but they never heard the "D" word being used. However, David Cole, who monitors the auto industry from his listening post in Ann Arbor, is using the word depression. Under a worst case scenario, he says GM could trigger the entire economy into that depression.

"The danger here is if... it triggers a collapse of the industry and what that could do. We're very concerned about if it's not a clean bankruptcy. It could drive this economy into a depression and that would be a major, major disaster," said Cole.

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