"American auto industry is going bankruptcy"

Lyndon H. LaRouche, Jr. is an American political activist and founder of various political organizations in the United States and elsewhere. Recently Yong Tang, People's Daily Online Washington-based staff writer, has conducted an exclusive interview with LaRouche at his home in Virginia.

Yong Tang: According to your system, you pay much more attention to the real economy than the virtual economy. And you also said that the American auto industry will die soon. Why do you think the American auto industry is going to collapse?

LaRouche: Because the management of it is insane. We are producing too many automobiles ...

Yong Tang: Are they producing many more cars than are consumed?

LaRouche: No, they're selling the cars but they're selling them below the cost to produce them. And the way they're doing that is going into debt. Now the debt that they build up in this method is so great that now they are bankrupt. There's no possibility of paying it. General Motors has about $350 billion debt.

Yong Tang: So they couldn't repay the debt?

LaRouche: No. They couldn't repay the debt.

Yong Tang: Never?

LaRouche: No, not under the present system ...

Google Base :
american auto-makers

(2005-11-25 16:45:34 SGT) [Biz] Permalink