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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 | Share | User Comments (244)
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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
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