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Chrysler Shuttering Plants for 30 Days
With an auto bailout in limbo, the Big 3’s fortunes are going from bad to worse: Chrysler has announced plans to close down all 30 of its plants for at least a month at the end of the day on Friday. At the earliest, the plants will reopen January 19, Chrysler said in a statement. The most troubled of the Big 3 car companies saw sales plummet 47 percent in November and has pleaded for emergency bridge funding from the government to avoid a total collapse. Ford and GM are also piling on the bad news: Ford will shut down most of its North American assembly plants for the first week of January, and GM is delaying a new engine factory.
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I think this headline is misleading and feeding the downward spiral frenzy. Chrysler would be shutting down for two weeks as a matter of course and the two extra weeks are what should have been the headline. Let's not make it worse than it already is by sensationalizing every bit of bad news that is not really that sensational. Not such bad news for the workers as I see it since they get paid 95% of their normal pay for the shutdowns and a smart move for cost savings, reducing inventory, etc.
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