Business: Detroit's Worsening Plight

Automen meet with the President as sales continue to sink

It looked like a trustbuster's dream. Last Wednesday the top executives of General Motors, Ford, Chrysler, American Motors and Volkswagen of America all sat down at the same table in the Washington offices of the Motor Vehicle Manufacturers Association for a lunch of asparagus vinaigrette and tomatoes stuffed with chicken salad. But the automen were not fixing prices; they were coordinating strategy for a meeting just after lunch with one of the industry's most powerful critics, Jimmy Carter.

The President had asked them to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!