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We have some breaking news standard and -- is upgrading Ford's credit rating to a double B minus from a B -- yet double B minus is actually better than a B plus.
You -- ongoing recovery this is what they're saying they say the outlook is positive for Ford Ford is still trading down just about a quarter percent.
This is General Motors posted a 22%.
Rise in sales.
Compared with January 2010 now while Ford's January retail sales climbed 27% vs a year ago.
Let's look at the picture -- -- the auto makers may be making a comeback but will they be prepared if another crisis strikes.
We asked the man who got the car industry back on the road after it nearly twelve up a clip joining me now Steve Rattner.
Former car -- and author of overhaul an insiders account.
Of the Obama administration's emergency rescue of the auto industry.
-- like this book I've read it and it's -- juicy because you get inside scoop of saving an entire industry but I want to know Steve.
Is it saved or what is are we one -- two headlines away from that meeting more money or being in trouble again.
No I think it's saved I can't say forever and ever but for the foreseeable future -- save these companies are doing very well they've been restructured their profitable.
-- had its gonna have had the highest profit in ten years last -- you know GM is gonna have a very profitable 2010 you just talked about their January sales numbers -- I think the companies are really on the right road no pun intended.
How does this S&P number the system.
In recognizing the fact that the company is very healthy and is is not only a survivor but a a winner.
The winner now what tell me what you think about the Big Three at the moment while not so big Chrysler but Chrysler looking at a General Motors.
And saying well they went public at 33 they're now at 36 and change should we go public -- think Chrysler's healthy enough to do that I think Chrysler still has a little.
Is to go and Sergio Marchionne the CEO will be the first day we need to see -- new products perform we always knew Chrysler had the weakest product lineup of any of the three.
Now Sergio is rolling out his new stuff.
And he's said that and IPOs in the future but not this quarter not -- -- the General Motors you confident in the current mantra management right now I feel great about the current management I think Dan Akerson ally and his team are absolutely first rate I think they're doing a great job.
I'm slightly concerned because the incentives look at what they call cash on the hood 0% financing kinds of things.
We're up a bit in January -- I wanna see we don't want to see the industry going back.
Too it's -- ways but I really feel good about.
-- this is important.
UN I don't wanna see the industry go back to its old ways because we know that's what got into trouble but Ford's recent earnings show that they kind of got hurt because they didn't follow the European car companies and their incentives.
I was wondering if if you get back into the able they're doing it we should too.
We hope that doesn't happen Ford's problem in Europe was one small piece Ford's biggest problem was it didn't really communicate as well at the street as they should have been told -- what was coming.
Ford's shortfall was -- a number of places in Europe was just one piece and -- looking great -- and Ford is looking rate anyway.
Got to get to these oil prices he saw the -- the one -- chart of crude oil jumping pretty exponentially over to a couple of dollars over just a few days which is.
Certainly something that -- -- the markets.
With this push people -- from Davos -- thinking about global solutions to the world's problems but with this would be enough to push people to buy things like.
Electric vehicles the Ford Focus the ship be volt and Nissan leaf.
Look the difference in cost between an electric vehicle -- -- gasoline vehicle is still so great.
That you by the electric vehicle if you're kind of a believer it's not going to be five or ten or twenty cents on a gallon that makes a difference -- if you wanna be a thought leader.
Someday the cost is electric vehicles will be down.
To be competitive with gasoline.
But that's not today that's down the road somewhere so these prices and crude oil are not enough he say to push TV sales fire well they're not enough to not only not enough to push -- -- much higher but if you look at January sales numbers which admittedly were before.
This most recent run up people are still buying suvs are still -- light trucks.
So far gasoline prices have not had much of an impact on the consumers buying decisions when it comes to cars.
If it that's very true love -- I think people are more used to with this time around a -- you wrote a Washington Post op Ed piece about job creation.
What we can do we're still at nine point 4% for unemployment.
We're nine point 4% today Friday we'll have another number I think he'll be lower I think you will be better I don't know how much better.
On the economy is very strong all the numbers that have come out in the last week or two manufacturing consumer confidence whatever.
Our strong what I try to saying that -- is you got to have a little patience on the jobs front he can't tinker too much with the labor market.
Let the economy grow and bring down the job -- it's going to be slow it's going to be painful.
I don't know another way to do it.
Steve Rattner the former car -- and author of overhaul -- An insider's account of the Obama administration's emergency rescue the auto industry thank you for joining us thanks for having a -- in a few minutes and.
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