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Closing Arguments: A Bailout for the Big Three?
November 19, 2008 12:04 AM
Executives from the Big Three automakers -- GM, Ford, and Chrysler -- were on Capitol Hill today asking for a $25-billion share in the government's $700-billion bailout.
These once-titans of American industry are running on fumes. Without a lifeline, they warned, millions will lose their jobs. They even went so far as to say national security could be put at risk if they are allowed to fail.
But lawmakers are reluctant to direct taxpayer money toward the auto industry -- and the future remains unclear for Detroit.
So tonight, we ask you: Do the Big Three deserve a share?
Tell us what you think.
November 19, 2008 | Permalink | User Comments (243)
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Yes, absolutely. We can not let them fail!
Posted by: Michael | Nov 19, 2008 12:09:11 AM
Please bailout the big 3, our whole economy will collapse w/o them
Posted by: steelworkers affected too | Nov 19, 2008 12:10:49 AM
I support the government providing loans to the auto industry if they can provide a plan to become profitable and the loans should be paid back by them.
Posted by: Nancy | Nov 19, 2008 12:11:11 AM
Heck no! They blew it! Toyota designed the Prius, creating waiting lists of eager, loyal consumers. "Who Killed The Electric Car" came out in 2006 showing what GM did with their technology.
Posted by: ch | Nov 19, 2008 12:11:39 AM
I personally feel that we should not bail out the auto makers. They can make less cars and make them more efficent. They have a tendency to be over priced. NO! Do not bail them out. They can find a way to get out of this hole themselves.
Posted by: Wilma Hutchison | Nov 19, 2008 12:12:03 AM
NO!
Posted by: Amy | Nov 19, 2008 12:12:12 AM
I personally think that if these corporations need that much money to bail them out then they don't need to be in business in the first place. Toyota is doing well. American car corporations pay thier CEO's, engineers, and workers too much in the first place. This is why I personally think they have become desperate for money. If you would manage your money right in the first place and put it in the right places, this wouldn't happen. I don't think we should bail them out.
Posted by: Brooke | Nov 19, 2008 12:12:19 AM
No to ALL bailouts -- I want to know how much the "Big Three" paid their top executives in bonuses in the last year?? No company should be paying "bonuses" when they are not making a profit.
Posted by: Marilyn McKelvey | Nov 19, 2008 12:12:27 AM
NO!!!
Posted by: Sandy | Nov 19, 2008 12:12:39 AM
The automobile management teams (CEOs, etc) should first cut back their salaries before asking for the bailout $, it seems a bit ridiculous while they are getting high pays and everyone else suffering yet they wouldn't want to cut their own $ to help their own businesses? Hypocrite. (same goes to those who ask the money to then spend it on parties or bonuses...)
Posted by: Johnny | Nov 19, 2008 12:12:44 AM
If the Big 3 go bankrupt, someone will buy the plants, etc., and produce cars for a much cheaper price.
The autoworkers and all suppliers will still have work with the new owners of the car factories.
Why doesn't anyone report on this? All they report on is that everyone will be out of business - Yes, that is true, just the owners and stock holders.
Posted by: K Michael Berliner | Nov 19, 2008 12:12:49 AM
Do it now or pay heavily later
Posted by: Drew | Nov 19, 2008 12:13:15 AM
No way should we bail them out. They have been the fat cats for how many years. The only fair way would be to tell all the upper managment that they get no fat checks and no bonus's at all NOTHING!!
Posted by: Dennis | Nov 19, 2008 12:13:19 AM
You think the economy is bad now, let the big three fold and we will all be on the soup line. Why bailout AIG and not the automakers when 5 million jobs are at stake.
Posted by: Brad J | Nov 19, 2008 12:13:23 AM
Let them get what they deserve... they have no foresight... they should file bankruptcy and recover thru that channel if they can!
Posted by: Robert Schneider | Nov 19, 2008 12:13:36 AM
My brother went bankrupt as a very hard working farmer and family man in the 80's. No one bailed him out. His wife had catastrophic medical bills from a chronic illness at the same time. The government didn't bail them out. He died of a heart attack at 42 y.o. We need to bail out the working people in the middle class, not the rich people. The farmers are the heart of the food chain. There was nothing more important than that. The government is off track. Judy Davis
Posted by: Judith M. Davis, LADC | Nov 19, 2008 12:13:53 AM
no let them file bankruptsy they mismanaged the business.Ceo heads should roll.
Posted by: mark | Nov 19, 2008 12:14:00 AM
I don't think we should bail them out.
Posted by: Roberta | Nov 19, 2008 12:14:03 AM
Yes. General Motors is asking for a loan, not a bailout...regardless if we lose the auto makers and all the associated jobs we are headed for depression, not recession.
Posted by: Linda Crenshaw | Nov 19, 2008 12:14:13 AM
The big 3 automakers should be allowed to fail. Only then can they get rid of the overpaid and ineffective management that got them into this situation. Other automakers are still doing well and opening new plants. What happened to the big profits they made when the economy was strong? Did they share it with the taxpayers? Why should they be rewarded for overspending on themselves instead of making sure that their business was in good order.
Posted by: Gerald Hamilton | Nov 19, 2008 12:14:44 AM
No. They don't deserve a bailout or in better words a handout. The economy is not failing their business, their business is failing our economy. If they want a handout then they should expect regulation; if they don't want regulation, they shouldn't expect a handout. Americans are at fault and just because automakers or financial groups or even blue collar workers bet on them and were wrong doesn't mean that the government is responsible to heal their pain. If a governement is failing its because the people are failing. No the automakers don't deserve any rescue. If they receive a penny 'we the people' will never learn.
Posted by: Ted Graham | Nov 19, 2008 12:14:57 AM
Auto industry is important to USA and should get the help;and should be made a loan and time date the payback with interest. USA need to learn how to make that bailout money make money, and put stipulations on each loans . make it known it will help thoes that help the people.
Posted by: linnyC | Nov 19, 2008 12:15:12 AM
hell no we shouldn't bail them out.
everyone envolved took profits/income without planning or investing for the changing auto markets/demands, and they want us to pay the price, ta hell with that. Let them send the money they took back and work at it differently for a few years.
Posted by: kent | Nov 19, 2008 12:15:23 AM
Yes, I think they deserve help more than the greedy banks that have caused the bulk of this mess to start with.
Posted by: David Arlt | Nov 19, 2008 12:15:40 AM
NO! No Bail-outs period! These inflated paychecks, greedy CEO's have mismanaged and overcharged us far too long to be looking for hand-outs. They blew it and they should pay for it. Let the people benefit from the $700 Billion of our money! SCREW THEM! Where's the money they made when things were good? I'll bet their families were living large. Too bad they weren't smart enough to look ahead. They deserve to loose their jobs and don't deserve one penny of our money. The entire government needs to be overhauled if they continue to pay criminals for misrepresentation, greed and fraud. We should start with congress. Get rid of them all and replce them with independents or someone that will actually work for the people. We have watched the greed and corruption for long enough!
Posted by: Eydie | Nov 19, 2008 12:15:42 AM
I don't believe they should be bailed out...Look at what happened with the last bailout, one company, which I won't name, sent people on a vacation, not using the money for it's original intention...What would happen with the auto companies if they're balied out I wonder? If they'd "bail me out" by sending me $100,000.00, tax free, then I'd say go ahead and bail the auto companies out. No one bails me out...I feel for the workers, but I doubt the workers would benefit from the bailout. Only the company executives would benefit. I know what that's like, as one time a client tried to get raises to us workers, and what happened instead was that the contract wasn't worded properly, so the company took and kept the money and didn't help the workers out.
Posted by: Bernard | Nov 19, 2008 12:16:09 AM
No way! They fought all legislation for higher fuel economy. Now no one wants their products. Let the oil companies bail them out!
Posted by: US Taxpayer | Nov 19, 2008 12:16:42 AM
This is a no brainer. We cannot outsource our largest industry out to a foreign country. This will signal the end of the middle class in America. The rhetoric of ideology has no place in this decision. If the industry goes bust, so does America. I have never seen so many with so little against labor and decrying a decent living wage. We are in foreclosure because salaries have not kept pace with inflation. Not because people bought more house than they could afford. Who is making more money than they did 10 years ago? I am not. The other kicker in the discussion are politicians questioning why foreign companies can build cars cheaper. The answer is: The foreign companies do not pay health insurance, the government takes care of it.This decreases their worker costs. All roads lead to government working for people. After all, we are the ones who pay into it. (duH)!
Posted by: Gail Choice | Nov 19, 2008 12:16:48 AM
I can remember when I was raising two children back in the 60's & 70's. Inflation hit and it was difficult to make ends meet, but I was reading what wonderful things the automakers union was doing for the autoworkers. I was making $3.75 in a responsible position as a secretary, but men and women in the auto factories were making 4 times that because they could use a screw driver . Let's be serious, the union and the execs living "high on the hog" w/hugh bonuses should NOT BE BAILED OUT.
Posted by: Sharon hecht | Nov 19, 2008 12:16:50 AM
Absolutely not. They have not changed the way they do business in 50 years. Without a dramatic change in the bloated method of getting products the public wants at a price they can afford.
Posted by: Roger Steelworker | Nov 19, 2008 12:17:44 AM
I'm in debt so who is going to bail me out.I say hell no to the bailout.
Posted by: DAVID JOHNSON | Nov 19, 2008 12:18:15 AM
The White House is willing to help the financial instuitions of this country, but no the auto companies. And they certainly are vital to this country, as they have already said. What about upper management?? I have not heard one statementfrom them, that they would be willing to give up some of their thousands and thousands of dollars for the sake of their companies!! Its about time they sacfrice as the UAW already has.
Posted by: Jerry | Nov 19, 2008 12:18:22 AM
No bailout! The greedy Big Three made this mess and they should live with it.
Posted by: Patricia | Nov 19, 2008 12:18:35 AM
Help us help them or give are country to china it's a no brainer! As a U.A.W worker myself I feel we have lost enough over the years and so has our country if we can send billions of our hard earned money over seas why shouldn't we be more apt to help our own.
Posted by: lori | Nov 19, 2008 12:18:40 AM
The Big Three didn't have the smarts to keep up with the smart designers and stayed with antique land yaughts. They were non profitable before the recent economy problems. Simple answer - NO. Help the workers individually not the bonus grabbing executives.
Posted by: Ron C | Nov 19, 2008 12:18:57 AM
Yes, I think the BIG 3 should get a bail-out because Our country is in enough trouble with unemployment. This would be a snowball effect we can not emagine. Put guide lines on it and make them build only in AMERICA. This will help employ americans too. Thanks for letting me comment.
Posted by: Diann Holder | Nov 19, 2008 12:19:01 AM
Bail Out? No Way!
"Remember this your whole life through, tommorrow there will be more to do;
and failure waits for those who stay,
with success made yesterday.
Tomorrow you must try once more,
and even HARDER than before."
No more bailouts for $71.00 high school graduates with ONE skill. FORGET IT.
Let's look for a new young FORD/Crysler/GM who can make energy efficient cars, for those who use AND NEED less. WE CAN'T AFFORD YOU....we need to Change. NO BONUS's for boneheads....Change!
Posted by: Jean | Nov 19, 2008 12:19:04 AM
So wait...no one buys there cars so they want us to just pay them anyway with our tax dollars? If they made cars half as well as Honda & Toyota, they wouldn't have anything to worry about. I don't think the bailout that has already been passed was a good idea, I certainly wouldn't want to add to it. Let unsuccessful businesses die, teach them that they can't all go crying to the government for help when they mismanage things.
Posted by: Matt Bailey | Nov 19, 2008 12:19:10 AM
Absolutely do not bail out the auto companies. Give them a chance to restructure and to re-negotiate the union wages and agreements that have led to some of their problems. Limits should be placed on executive salaries and packages to prompt a move away from the obscenely high pay they receive. They need to make the cars that people want and can afford and that get GOOD gas mileage, like the cars they make for foreign countries. They need to keep their work force employed so they are not added to the unemployment rolls. I am afraid that if we bail them out, they will abuse it just like AIG. If any more money is just handed out, it should have HEAVY strings attached.
We need to put more money in our citizens' hands so we can afford to buy things, then more products will be sold and there will be a need for more to be manufactured. Where's the common sense in Washington?????
Posted by: Kathleen Murtz | Nov 19, 2008 12:19:20 AM
GM, like most americans, don't understand that there is not an endless supply of money. By bumping themselves to the front of the line they are taking money from all americans who are loosing there homes and have lost there jobs or working at half of their former wages. We need to focus on our goal....
stabalizing the whole not feeding the greedy.
Posted by: dan sutherland | Nov 19, 2008 12:19:39 AM
Definitely not. When is this all going to end? Whatever happened to being responsible for our own actions. They keep making bad choices and expect us to pay the price. Deal with it the same way the public does when they screw up. No more bailouts.
Posted by: Rita Robinson | Nov 19, 2008 12:20:09 AM
Bailout....absolutely not without serious wage reductions across the board. The executives and unions have had a stranglehold on the car makers for 40 years. I have a hard time feeling sorry for a guy that sits on a hydrolic chair putting screws in a carseat for $ 29.00 per hour....that guy makes more in one week ($ 1,200)than I make all month ($ 1,030) and because of his inflated UAW salary, I can't afford to buy the car he is making and they wonder why car sales are dropping......DUH-H-H-H
Posted by: LW Terry | Nov 19, 2008 12:20:32 AM
Yes, I definitely feel those three automakers deserve share of the bailout money because job losses will affect thousands of americans. Retirees, families with children, parts suppliers, car dealers and many more will suffer. Also there will be a domino effect on other businesses. America can't survive without any products made in America. It is no brainer.
Posted by: Beverly Franks | Nov 19, 2008 12:20:32 AM
Help Them you help other countries but not your own. Give are country the help we need. We need the big 3 to stay in Buisness so we all stay in Buisness.
Posted by: Joe D'Agnese | Nov 19, 2008 12:20:36 AM
frick no!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted by: kent m. | Nov 19, 2008 12:20:51 AM
no way. after sending most jobs out of the country and ruining countless lives and families, let them suffer as the rest of us are.
Posted by: k p | Nov 19, 2008 12:20:58 AM
Listening to C-Span today you realize how futile a bail-out is for the auto industry. You might as well pour money down a black hole, better still help homeowners. The return may be better. Listening to CEO of the big three, you realize their plants are sitting idle while they continue to pay salaries as usual. I believe in unions but this is ridiculous. Everyone from the top down is collecting as usual, unaware that their way of life has changed permanently. Putting money after it will not help. The industry is going doiwn anyway because a temporary bridge won't help because the consumers are missing, not just can't get credit but don't want credit and aren't going to buy because they can't afford to buy. Pull the plug, reorganize and begin again with the court to help sort it out.
Posted by: Julia | Nov 19, 2008 12:21:06 AM
Why does Congress have no problem with bailing out Wall Street and such a big problem with bailing out mainstreet. Detroit has been in a recession for at least 3 years and a depression for the past year. We were suffering while the rest of the country was oblivious and the admistration was telling us that the fundamentals of the economy are strong. My husband and I have been small business owners for 30 years and we are being forced to close in the next month.If there is no bailout, the business closings will be monumental and the impact, beyond what those so far from mainstreet can even begin to imagine. The auto industry is the backbone of manufacturing and shouldn't be ignored while the fatcats in the banking industry get their six figure salaries even if they don't get their additonal bonuses.
Posted by: w schwartz | Nov 19, 2008 12:21:20 AM
I don't think that the government should bail out the Auto Industry. They have made their bed let them lye in it. Let them file BK and regroup together like the airlines have done. Get rid of the top management people they have gotten them in this position of despair - I'm sure there are some good employee w/o a job from Wall Street that could run the companies much better than what they have had.
They definetly don't warrent a bailout. Out financial indurstry does.
Posted by: Debbie Smith | Nov 19, 2008 12:21:25 AM
I watched the entire interview of the 3 CEOs from GM, ford and Chrysler and also the President of the UAW union, and a professor from the University of Maryland. My impression is that both GM and Chrysler deserve to be fed to the dogs, and should be placed into Chapter 11 reorganization with takeover bids actively sought by the Obama administration from the likes of Tata of India and Hyundai of South Korea. Tata is developing teh Air CAr, that all of the American press is ignoring, that runs on compressed air up to 35mph with NO pollution and over 35mph to 80mph there is an auxiliary gasoline engine with and 8 gallon gasoline tank - but get this - it gets 108mpg!! Yes - you read that right! They are the ones who should have the opportunity to buy up the plants and retrain the workers to build cars and trucks that will free us from the clutches of the Arab oil cartel, once and for all! But here in America the jerks are not gtold about this and are content with their pigatha SUVs that get 10mpg, now that gfasoline is back down near $2.00/gallon from over $4.00/gallon less than 6 months ago! Tata plans to have it here in the USA in 2010!!!???
Why don't you get off your lethargic asses and go to India and do a special with Tata Motors about how they re developing this - having bought up the patents from a French engineer who is in a town on the French Riviera! Maybe Tata should do an allinace with Ford???
Why won't your system accept my website of www.sunshinekillsvampires.com ?
Posted by: RON HARTMAN | Nov 19, 2008 12:21:28 AM
If taxpayers could bail out the banks and insurance compananies, why should not they bail out car makes? It is not at all clear why is the hestation? 25 billion is way less than 700 billion. Those who in the Congress are saying that car makers did not plan properly and theeby should bepunished, forgot that the banks and insurance companies did the same and they were bailed. What congress was doing when speculators drove the oil price through the roof? We want car companies to receive the life line.
Posted by: Alpana Ray | Nov 19, 2008 12:21:30 AM
absolutely not as an american enterprise there bound by the same rules and regulations as the mom and pop grocery store the government wouldnt think twice about them.further more 90000 ayear for assembly workers i think not.let them the unions and big business suffer like the rest of us.the partys over now find a job.
Posted by: dominick leogrande | Nov 19, 2008 12:21:40 AM
yes
i just don't get the argument that wall street deserves a bail out and not the auto companies. They are asking for $25B while AIG alone has received $130B and it's not enough.
And then there is the argument that $25B will not change their business model and make them solvent and they should have seen this coming. well, the feds should have seen this coming and put forth some controls 6-12 months ago. And if the feds and wall street didn't see it coming how can they expect anyone else to have seen it coming.
my personal opinion is that the $700B has a much higher chance of being wasted on wall st than on any other industry
Posted by: bil | Nov 19, 2008 12:22:15 AM
No bailout for autoworkers earning more than $70 an hour by those earning less than half tht amount. The problem has been brought on by greed. Don't expect or ask the tax payers to finance greed.
He is a fool who thinks we can spent ourselves into prosperity.
Posted by: S. Jerome Elness | Nov 19, 2008 12:22:23 AM
No loans at all. Do not give them one dime. Show them the door. It is time to let them sink or swim.
I am not buying if they do not get the money they are going to be gone next month. This Fear and Scare started 8 years ago and everyone saw it worked so well. Our new Terrorist are these Companies. Let them claim bankruptcy and get their business in line.
definitions of terrorism include only those acts which are intended to create fear (terror), are perpetrated for an ideological goal (as opposed to a lone attack), and deliberately target or disregard the safety of non-combatants.
Posted by: Lenora | Nov 19, 2008 12:22:34 AM
before asking for a bail out, the board members and the upper management personels should first give up their "golden parachutes", take a non-reimbursable temp pay cut of 30%-40%, and cut their expanse accounts by 50% or more since their decisions were the cause of the problems instead of always asking the laborers to take a cut in pay and benefits
Posted by: robert | Nov 19, 2008 12:22:44 AM
It sounds easy enough to bail out the big 3 auto makers, but will we as taxpayers be shafted?? Will the automakers learn a lesson from this or just make the same mistakes? Maybe the top executives can for-go big bonuses or high salaries to help save their companies? Im sure they will not make any sacrifices and even possibly collect more compensation if they receive a government bail-out. That is one of the reasons they have gotten themselves into this mess--Greed and more greed! Why are the middle class and the poor always the ones to suffer when big corporations make huge blunders? Before throwing the automakers a lifesaver, at taxpayer expense, maybe we need to examine where and how they have been spending money over the past several years. This is a big decision and should NOT be decided over a few meetings with the CEOs begging for money!
Posted by: John | Nov 19, 2008 12:22:46 AM
Detroit has lost sight of the what the average person can afford and have priced themselves out --- no matter the reasons a car should not cost more than a house. NO BAILOUT
Posted by: Abernathy Popoofnick III | Nov 19, 2008 12:23:02 AM
Our government should not bailout the three automakers. I think it would be like sending our money down the drain. They are not willing to change to the production of cars that are needed today like other countries have already done. It would be better to give new US car makers a chance with financial help. They could give many laydoff people a new job.
Posted by: Maria Matthews | Nov 19, 2008 12:23:15 AM
The Big three need Chapter 11 rather than a BAIL OUT.
A bail out would mean more of the same that they have been doing for the last 50 years.
If they go into CHAPTER 11 the auto companies would have to do some changes. One thing. they might realise that TOYOTA has their labor cost at only $44 per man hour rather than the $71 that FORD, CHRYSLER, and GENERAL MOTORS are now paying. This $24 per man hour is caused by the UAW.
They would also have to restructure their product lines and just might start building better autos.
Posted by: David Johnson | Nov 19, 2008 12:23:38 AM
Yes, we should give the Big Three the bridge loans they need. Without the Big Three our country's economy will be devastated, as well as our 401's and every other asset 99% of this country's citizens have at this time. This is part of the chance we have to rescue our country from the mess it it is in due to the current White House administration.
Posted by: M | Nov 19, 2008 12:24:00 AM
i have been in two ford plants 10 yrs ago and these people still make over twice what i make not counting their benifts. unless the uaw is willing to make concessions on pay(reduce their pay by a third) i have absoultley no sympthy for any one working for the big 3. the uaw is the first thing wrong with these companys both coparate and the uaw must make consessions or i would rather let them close. if the big 3 won't agree to consessions then which would they rather stay open and make consessions or close i don't think the uaw understands that they don't have what the american public want'
s but they are now dealing with americans who will not pay for their higher standard of living or benifits.
Posted by: richard | Nov 19, 2008 12:24:10 AM
I can't imagine a healthy economy ever again without the big 3. Who would be left to buy anything?
Posted by: Katherine | Nov 19, 2008 12:24:24 AM
There was a email going around stating if each registered voter received 250k each from the 700billion bailout it would END the American crisis. Auto industry would rebound, foreclosures would cease,students would have funds for college and best yet, the funds would be taxable so we would be paying ourselves back!!!!
NO to the auto bailout-YES to the American people bailout!!
Linda
Posted by: Linda | Nov 19, 2008 12:25:12 AM
I do not believe we should be bailing out these automakers. They have had plenty of time and opportunity to retool and curb the American appetite for gas-guzzling vehicles. Letting these giants fall will pave the way for new and environmentally conscious auto makers which will begin their efforts focussing on vehicles that are less dependant on fossil fuels. However catastrophic, the time has come for an end to irresponsible American manufacturing. We, as Americans need to be more environmentally responsible and must begin taking the lead for change in the world.
Posted by: Bill H. | Nov 19, 2008 12:25:47 AM
The CEOs of the big three companies all have salaries and bonuses totaling over 8 million dollars a year. Hmmmm? I would say HELL NO!!! They can bail their own selves out!
Posted by: Lynn Chizek | Nov 19, 2008 12:26:05 AM
I definately think the auto industry should get the bail out. Millions depend on them to live.One in 10 American jobs depends on U.S. automakers. Nearly 3 million jobs are at immediate risk. U.S. personal income could be reduced by $150 billion. The tax revenue lost over 3 years would be more than $156 billion. If these companies go under it would be devastating.
Posted by: Lee | Nov 19, 2008 12:26:58 AM
America, whether you like GM Ford or Chrysler or not, now is the time to be rallying around your industry. They have restructured, and they know they need to start producing like Toyota. We need these guys like it or not. Without them our economy is doomed. They are this country's economic base. These are the guys that won us World War 2. Without an industrial base, I don't care how technologically advanced we are as a country, we might as well be third world. REMEMBER, IT IS NOT JUST THE AUTOWORKER THAT LOSES IF THEY GO DOWN, EVERYONE IN AMERICA WILL BE AFFECTED FROM THE INDUSTRY, TECHNOLOGY, MEDICAL COMPANIES, INSURANCE COMPANIES, RETAIL, COLLEGES, THIS AFFECTS EVERYTHING PEOPLE. SO WHETHER YOU AGREE OR DISAGREE WITH GM, BACK THEM JUST THIS ONCE.
Posted by: ryan | Nov 19, 2008 12:27:03 AM
yes the big 3 auto companies should be bailed out; because if they fall, we all fall. This is America, and we're all in the together. We all know about dominoes.
That is what it well be. America will fall like a row of dominoes. We can't afford such a thing at a time like this. We're experiencing enough major crisis'. This just may take up over the top. Crime and poverty will triple, and a depression will occur in a state worse than the one we had in the last century.
If it's ever a time to pull together, it's now. ONE MORE THING> I think every American making less than $80,000 should be forgiven of all their debt and allowed to start fresh.
Posted by: Mary Moorehead | Nov 19, 2008 12:27:34 AM
why should we bail out an atiquated us industry that refuses to move into the future & produce energy efficient cars.
GM was producing an effective Saturn coupe for California. The program was scapped, the cars destroyed & now they want $$ to keep producing cars that have not improved in mileage since the early 80's.
Let them file for bankruptcy & move on like the airlines. WHY should the taxpayers fund a company that is supposed to function on a business model- not a charity...
The auto industry has brought this upon themselves. Granted the current economic climate has brought this to the forefront, this would have happened sooner later as the big 3 bevome a face of the past becuase they refuse to be innovative & competitive... it is therir own fault.
And it is unfortunate for those in related businesses, but they should have realized that for the last 25 years they have been riding on the coat tails of an American Industry that has survived on the strength of its past, NOT it's vision for the future.
As in life, ignorance is bliss?
Now the "b;iss" must hit the fan...
They have screwed over the consumer & the environment for years, now it is time to pay the piper... NO BAILOUT, file for bankruptcy, or close...
Posted by: scott | Nov 19, 2008 12:27:52 AM
No, the american auto makers have had their chance time and time again to learn lesson which they have not. Maybe if they have to go under then start over without union. Who can afford their cars when the workers and CEO's make so much money. Unions had their place and served a purpose years ago but they are not needed today. Lots of other people make it on less than these people are making and live great lives.
NO BAIL OUT!!!!!!!!!!!!!!!! I for one don't want to pay for the greed of the unions. And after all part of this money is money I paid in working for alot less than they get. And hey I am still out there making a living.
Posted by: Barbara Smith | Nov 19, 2008 12:28:05 AM
We are kidding ourselves if you think that bailing out the Big (3)three is going to fix anything, remember we have been though this before. Put a limit on the amount of Japanese cars and trucks that can be sold annually in the USA or slap high tariffs on each car (like Japanese do American cars) and the problem will fix itself.
Posted by: Richard Suellen | Nov 19, 2008 12:28:46 AM
Isn't it one of the principles of democracy that if you become too big and can't adjust quickly enough to economic situation you will fail and you SHOULD FAIL. We the taxpayers can not be held responsible for bailing out private companies just because they are too big to fail. What happened to previous financial help provided by president Clinton to help BIG three build more fuel efficient cars. It was wasted. Japanese companies put their OWN money and were able to make profit paying CUSTOM fees for each car imported to US.
Posted by: Marcin | Nov 19, 2008 12:28:52 AM
THE ULTIMATE ECONOMIC STIMULUS PACKAGE (NO BAILOUT FOR THE AUTOMAKERS EITHER!!!!!!!
GIVE THE POWER TO THE PEOPLE!!!!
THERE ARE APPROXIMATELY 200 MILLION PEOPLE IN THE US OVER THE AGE OF 18. THE NEXT 700 BILLION DOLLARS SHOULD BE DISTRIBUTIED AS FOLLOWS:
A) DIVIDE THIS 700 BILLION DOLLARS EVENLY AMONG THE GAINFULLY EMPLOYED WHO FILED 2007 TAX RETURNS AND NON-WORKING ELDERLY AND DISABLED WHO OWN MORTGAGES. THIS TOTALS NEARLY $350, 000 PER INDIV. AN IMMEDIATE 30% TAX WILL BE LEVIED PER PAYOUT; GIVING ELIGIBLE CITIZENS $245,000 TO SPEND LIBERALLY; SENDING 210 BILLION BACK TO THE GOVT. POT.
B) A “FEDERAL CARD”, SIMILAR TO A CREDIT/DEBIT CARD, WILL BE ISSUED THROUGH WHICH ALL MONIES WILL BE APPLIED, MONITORED AND USED. THOSE CURRENTLY APPLYING FOR BANKRUPTCY PROTECTION, HAVE OUTSTANDING STUDENT LOANS, OWE BACK CHILD SUPPORT OR OWE ANY STATE OR FEDERAL BACK TAXES SHALL HAVE FUNDS DEDUCTED (UP FRONT). THE NEW “FEDERAL CARD” WILL BE USED FOR TAXABLE PURCHASES AND/OR PAYMENT. CITIZENS WILL NOT BE ABLE TOWITHDRAW CASH.
C) HOARDING OF ANY SORT WILL RESULT IN ACCOUNTS BEING INSTANTLY FROZEN.
D) CITIZENS WITH MORTGAGES WILL BE ENCOURGED PAY THEM OFF OR APPLY LARGE SUMS TO MAKE PAYMENTS MORE MANAGEABLE. (INSTANTANEOUSLY SOLVING THE MORTGAGE CRISIS.
E) LONG-TERM INTEREST-BEARING SAVINGS AND INVESTMENT PLANS WILL BE ENCOURAGED.
THIS SUGGESTION WAS EMAILED TO ALL GA CONGRESSMEN BEFORE THE FIRST 700 BILLION DOLLAR WALL STREET BAILOUT WAS OFFICIAL, HOWEVER, ONLY JOHNNY ISAACSON RESPONDED; ALBEIT IN AN UNINTERESTED FORM LETTER.
Posted by: Joe & Madge Buskey | Nov 19, 2008 12:28:56 AM
Not no...But hell no!!! The auto industry is rotten to the core. This is just another ploy by greedy industrialists to dip their hands into the taxpayer cookie jar. I think the american public will soon see what a HUGE mistake the congressional bailout of Wall Street is going to be in short order, and they have no one to blame but congress...It's a crying shame that american politicians never learn from history. Let's not make the same mistake twice !!!
Posted by: The Pro from dover | Nov 19, 2008 12:29:10 AM
I am having such difficulty trying to understand why the 250 billion dollar bailout for the financial companies got passed so quickly and yet the Big Three has to grovel for a share of 25 Billion. The cascading affect of these companies failing is as devastating as the financial institutions. Is it because our government fatcats are heavily invested in the financial institutions? I wonder. I don't think any of the Bush administration is invested in the American Auto Industry. I think this country needs to get back to thinking about what is good for this country instead of any other country.
Posted by: Judy Chomicz | Nov 19, 2008 12:29:34 AM
Years ago the American people took to the streets and marched to show a united voice when it was time to demand change from our elected leaders. Now it appears we just bend over.
Posted by: Ron | Nov 19, 2008 12:30:02 AM
No bailout. The US automakers have failed to produce energy efficient auto's. My first home cost $27,500 - today thats an average auto. What is wrong with this picture. Also, my company car is a Toyota Prius getting 54.7 mpg. I don't like buying foreign but Detroit doesn't get it. It is time to drop the prices, lower those inflated salaries and make the cars as fuel effecient as my Prius. NO BAIL OUT.
Posted by: Pam | Nov 19, 2008 12:30:16 AM
I ABSOLUTLY FEEL THE GOVERMENT HAS TO HELP THE BIG THREE, OR THE RESULTS WILL BE DEVASTATING.....IT WILL BE A DOMINOS EFFECT THOUGH THE NATION IN A MANY WAYS!...WE HAVE GIVEN OUR COUNTRY AWAY PIECE BY PIECE, AND NOW THE PILLAR OF MANUFACTURING IS ABOUT TO CRUMBLE..THE PROFITS MADE BY FORIEGN CAR COMPANIES, DOES NOT STAY IN THIS COUNTRY...NOR ARE THEY SURPORTIVE OF OUR NATION IN TIMES OF NEED...9/11 IS AN EXCELLENT EXAMPLE..HOW CAN WE BE WILLING TO HELP AIG, THE CREDIT CARD COMPANIES, AND THE BANKS AND WE DON'T CARE ABOUT THE LITTLE PEOPLE WHO WORK FOR THE BIG THREE? I TOO, BELIEVE THIS IS ALSO A DEFENSE ISSUE FOR THIS COUNTY..INTERESTING THAT NO ONE MENTIONED THE ARTICLE FORBES MAGZINE WROTE PRAISING FORD FOR THE OUTSTANDING JOB, THEY ARE DOING TO TURN THE COMPANY AROUND, OR CONSUMERS REPORT SAYING FORD IS COMPARABLE OF BETTER THAN TOYATA OR HONDA IN QUALITY AND RELIABITY...OR THAT FORD PUT 1,000 WORKERS BACK TO WORK, TO MEET THE DEMAND OF THE NEW F-150,....NEW MANAGERMENT ISN'T THE ANSWER FOR FORD, THEY GOT THAT TWO YEARS AGO, THEY JUST NEED TO TIME TO COMPLETE THE TURN AROUND..UNFORTUNATELY THE GOVERMENT DOESN'T UNDERSTAND THE CAR COMPANIES, PERCEPTION IS EVERYTHING!! AND BANKRUPTCY WOULD DESTORY ALL THE PROGRESS FORD HAS MADE.
Posted by: shirley jean peters | Nov 19, 2008 12:30:28 AM
No one is bailing my real estate related business out. I was forced into bankruptcy. Being treated like you are an idiot is the rule of the day in bankruptcy court. A real reality check. It brings you down to where you never wanted to be but it is a real eye-opener. At least you realize what went wrong even if you can't correct it. Maybe those in the big 3 really need to live like the rest of us!
Posted by: Beth | Nov 19, 2008 12:31:01 AM
DO NOT bail out the auto industry. Its time the greedy pay the price. They caved in to the unions, the workers made more than they should, as did the executives. If they didn't save enough money, let them join those of us who have paid their exhorbitant prices for poor quality, and actually worked hard for what we have, and saved as best we could. Let's buy from the foreign car makers building in the US who ARE making money because they are not saddled with union demands of unreasonable wages, excessive medical benefits and retirement contributions. Time for you to see how the other half lives. The stronger companies and individuals will fill the gap and hire people who are happy to have a good day's pay for a good day's work. I can't believe the media and the politicians are so afraid to put the blame where it belongs. The unions served a very important function in the growth of our country, and now contribute to its demise.
And let those buyers who stepped ignorantly into the subprime mortgage market lose their homes and go back to renting. Especially let the greedy lenders fail.
We bailed out Amtrak and the airlines, how many times? and still no better. Let Darwinian Capitalism work.
Unfortunately, those who orchestrated the downfall will not suffer. But shame on us for letting them do it and get away with it. But let it stop here.
Posted by: Bill | Nov 19, 2008 12:31:15 AM
I do not think America should bailout the automakers. The automakers have not produced efficient or energy saving cars which the govenment has ask of them. If the automakers get help in the bailout, their employees will continue working and making an income along with producing cars that main street people can not afford since we (main street people) are not employeed and have no income. America will have a surplus of unaffordable cars. The automakers are stalling for what is the inevitable. Closing of their companies and unemployement for their employees.
Why should the automaker employees maintain their high incomes with all their benefits when us on main street have lost our jobs, been told to work one less day a week, benefits have been cut and/or lost our homes. The automakers have not sacrifice anything.
Final thought. Do you give candy to a child that misbehaves? No! So do not give the automakers a bailout since they can not produce efficient or energy saving cars.
Posted by: Deborah Ross | Nov 19, 2008 12:31:17 AM
If a company, any company cannot sell their product, goes out of bussines, and stays out of bussines, and many companys do, and they don't blame it on the economy beign weak, or beg for help from anyone, or at least at the scale o help that this companies are asking for, and if they do ask fo help, and if they do go out of bussines, let's look at the way the company was ran by the CEO's, very high bonuses, salar