About This Video
Title:
Published: Tue, 28 Apr 2009
Description: Jim Fouts on auto bankrupcty
Automatically Generated Transcript (may not be 100% accurate)
" Let's get back to the auto industry joining us now in Warren Michigan is mayor -- about who was issued an executive order to all political appointees. That they must buy a car from the Big Three welcome there that's quite a statement tell me what's behind it."
" well I'm very concerned about the fact that in the city of Warren 15% of my fiscal budget is dependent upon. Our two major taxpayers number one taxpayers General Motors and number two is Chrysler. And together with auto related suppliers amount to 15% in my fiscal budget if something happens to either or. And then it would be a disaster for the city of Warren because in the center of the city is a General Motors accent man. Really since 62%. In my budget is public safety police and fire it would it's completely compromised the public safety the city of Warren. If we would lose the funds produced by General Motors and Chrysler so with that in mind I told all my political appointees the police commissioner of the comptroller. What have you that in order to assure retention job that the next vehicle you buy. Must be an American made product -- from the Big Three preferably. General Motors Chrysler or."
" okay mayor let me jump in here how did that go over at and what happens if they don't what happens if -- I want Toyota are going to fire these political appointees. "
" Well -- I have to I I this is a strong mayor form of government and I am a strong mayor and I believe. And supporting those who support the salaries of my appointees and who takes care of the taxpayers and that happens to be General Motors and Chrysler's so. We have an obligation to support those who support us but we should fire somebody go to William fire somebody who doesn't buy a Ford GM or Chrysler. Well they are at will employees in a strong mayor form of government they are at will and they can be terminated at any time. I believe they know that with that in mind. I have strongly urge that they will buying American made product and I I'm firmly believe. That American made products that are are. Better and safer and so I believe there's there's good reason to buy that."
" I want our viewers to know that you are nonpartisan you're not a member of either party just so that in case you're wondering -- what's going on here I. To do you don't believe though that this is a free country mayor and and that in the end the free market may very well just work the best of that these companies companies. General Motors and Chrysler will come out a lot healthier. Simply by being forced to make cars that people really do want to buy."
" Well I I I think unfortunately there's been a misperception. In -- stereotype. About American made vehicles for some time there may have been some legitimate concern against American made vehicles back in the seventies but today. Chrysler I just I just had an auto rally which I announced the purchase of the Chrysler I'm very happy with my Chrysler product and I would be happy with a General Motors I think American workers make good products and I think Americans need to revisit that and to eliminate. The stereotypes that they haven't bought American made vehicles but that brings up another point I'm concerned about forty to 45% of all of our vehicles imported. And then if you compare that to Europe it's only 20% Japan's only 5%. And Japan Korea it's only two point 7%. So I want Americans to practice consumer patriotism. And economic patriotism we either do that. -- we're going to be left with an economy in which all of the manufacturing process will be from outside and nothing for war will be from -- I want to support. The last one of the last great American manufacturing. Products made and that's the automobile."
" What may have happened there aren't ready for lawsuits have been if -- five working for you as a political appointee granted an at will employee certainly. But I choose because I strongly feel that a Lexus is better than. What ever it is that has made an America that you prepare for that I mean you sound like an intelligent guy -- provide."
" I am I I I 1000 I am what I'll. I am prepared for that because I have outstanding employees and they know the importance. If -- salary is dependent upon whether. Chrysler General Motors remains because Chrysler and General Motors goes out of business. And I can no longer pay the salaries that I came out there on his six figures so I think there wise intelligent. And they will make that happen accidentally I am negotiating with the employee unions they have. The same thing as part of the bargaining contract I believe it's extremely important that we support and buy American made products. Otherwise this country's gonna be just the service oriented country without the manufacturing process."
" Mayor Jim found support in Michigan we thank you for coming on I'm very interested to follow this story I must say it it. Does not sit well with me -- because -- you know with as a free country being told what to do but I know that your constituents as you hold up the buy American products bumper sticker and I are probably loving this because you've got 30000. Auto workers. In Yorktown Warren Michigan."
" Thank you very rare auto dependent and we have to be economic."
" Economically patriotic. Something tells we will be hearing from you again thank you America there found so Warren --"
GM CFO on the 'New General Motors'
GM CFO Ray Young on life after bankruptcy.
Video|Thu, 4 Jun 2009|More from FOX Business
|general motorsfound at0:00, 0:28, 1:12, 2:06, 3:28
GM to Begin Paying Back Government Loans
Autocomony President Erich Merkle on General Motors recovery.
Video|Mon, 16 Nov 2009|More from Opening Bell
|gmfound at0:08, 0:34, 3:44, 5:36
GM CFO: U.S. Government is Not Running GM
GM CFO on General Motors' restructuring.
Video|Tue, 31 Mar 2009|More from FOX Business
|General Motorsfound at0:03, 4:03