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All three newscasts covered the financial plight of the automobile industry, each with a different angle. CBS' Anthony Mason looked at Chrysler, soon to emerge from bankruptcy under the management of Italy's Fiat. ABC's Chris Bury summarized the concessions agreed to by the United Autoworkers as General Motors heads for bankruptcy: "At union halls across the country the era of gold-plated wages and benefits ended." Under the bankruptcy plan, the company will emerge 72% nationalized. Quipped Bury, "from Generous Motors to Government Motors."
On NBC, Tom Costello noted that GM will produce subcompact cars in one of the 14 American plants that it planned to close and that Chrysler dealerships will be selling Fiat's European-made subcompacts. What makes Detroit think that there will be a market for them? "With 3m more cars being scrapped each year than are being bought, experts see tremendous pent-up demand."
Or there could be a boom in bicycles, mass transit and telecommuting instead.
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