In Black America Podcast: The Auto Industry Crisis of 2008
On this edition of In Black America, producer/host John L. Hanson Jr. speaks with Frank S. Washington, editor of AboutThatCar.com. Known for decades as the Big Three. Ford, Chrysler and General Motors have endured humbling times before, but in the fall of 2008 it was a different story. The chief executives of these auto companies endured extensive ridicule as they turned to Washington for emergency help. not once but several times. In the months that followed, Ford found it was able to stand on its two feet, but GM and Chrysler both ended up filing for bankruptcy after receiving billions in federal assistance.
The financial crisis in the auto industry has been more devastating for African Americans than any other community; it threatened a half-century of economic progress by the African American middle class. From African Americans who left behind minimum wage jobs in the South for high-paying factory jobs in the North, to entrepreneurs who translated hard work and the gift of selling into their own businesses — they’re all getting hammered.