New book says General Motors wanted to merge with Ford

A new book chronicling the financial collapse of General Motors and Chrysler in 2008 reveals new details about just how desperate the situation was for the giants of the automobile industry. New York Times reporter Bill Vlasic's new book, "Once Upon A Car," relates the fiscal turmoil facing General Motors in the months leading up to the financial collapse.

"[In] July of 2008, the CEO of General Motors, Rick Wagoner, decided to approach Bill Ford and Alan Mulally, the Chairman and Chief Executive of Ford Motor Company, about a merger. The way I describe it in the book is, 'this would have been the moment when the Big Three would really have become the Big One.' [It was] completely out of character for GM to do this and turned down flat by Ford Motor Company," Vlasic told WKAR.

General Motors and Chrysler both filed for bankruptcy and were "bailed out" with an infusion of government loans. Vlasic said there's no reason for the Big Three to not be competitive in the global car market.