The massive losses reported by Delphi and Visteon, two big auto industry suppliers spun off from GM and Ford have now been followed by warnings of impending bankruptcy unless the UAW or GM/Ford bail them out of their predicament. Any filing for bankruptcy would, in turn, threaten the stability of the parent companies, GM and Ford, because their contracts with Delphi and Visteon, call for GM and Ford to pick up the tab for retiree benefits in such an event.
This entire edifice built up in more prosperous times threatens to come unglued causing damages that can only be imagined.The pain is spreading to other suppliers like Lear,Inc. which supplies auto interiors.
All of this is causing hardship for thousands of families in Michigan, Indiana, Ohio,Wisconsin and other Midwestern states dependent on the auto industry for their survival.
One wonders why this issue is not being addressed by even our Democratic leaders.One would expect this from the Republicans but Democrats…? What are they thinking?