General Motors stock fell below $3 per share at the close of trading yesterday on the New York Stock Exchange. The price was the lowest the stock had sold for in 65 years, pushed down by the economic crisis, record low consumer confidence and the inability to access credit for auto loans amongst those rare few who do want to buy a car.

The flailing American auto industry is in such dire shape it has prompted calls from Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid to hold a special lame duck session of Congress in order to address the needs of the troubled sector and provide it with emergency aid, as the Big 3 Automakers join the seemingly neverending line of American companies jockeying for a Government bailout.

Letting the Auto Manufacturers fail would unquestionably cause tremendous harm to the future economic prospects of the United States. However a “cash and carry”, “take the money and run” corporate gimme is not an option either. If the American taxpayer is going to fund the failing of the Big Three auto manufacturers, an ownership interest as well as major concessions by the companies will have to be part of the deal. Chief amongst these concessions should be a contract, signed by all companies to drastically improve their fuel efficiency standards and focus on alternative energy vehicles, chiefly electric cars. This is a historic opportunity to change the way Detroit operates that we cannot miss.

You can takepart by writing your Senator and Representative and telling them to demand major concessions from the Big Three Auto Manufacturers before any bailout money changes hands.

LINKS:

CBS News: Pelosi, Reid call for Auto Industry rescue legislation

Newsday: Obama: Ailing automakers need government aid urgently

Financial Post, Canada: Bailout only answer for GM, say analysts