Automobile industry Quotes
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There was a study done in the early 20th century of all the entrepreneurs who entered the automobile industry around the same time as Henry Ford; there were something like 500 automotive companies that got funded, had the internal combustion engine, had the technology, and had the vision. Sixty percent of them folded within a couple of years.
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We benefit from foreign direct investment. Many Americans are employed by foreign companies with plants in the United States, for example in the automobile industry. So, trade is a two way street. I think, it is important to protect Americans who lose their jobs, or whose jobs come under pressure from international trade. But, I think, we need to be careful not to embrace economic isolationism.
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The Chinese are technologically among the most capable people in the world. There is no doubt in my mind that in another five to ten years China will have a massive and capable automobile industry and will export.
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I think either party would have seen the wisdom in bailing out the American automobile industry, because one job in ten in the United States is either directly or indirectly connected to the automobile industry. You just could not let these companies go down.
