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Should Your Money Be Used to Bail Out Car Companies?
October 28, 2008 10:04 AM
Is it the next government rescue?
General Motors and Chrysler are hurting, badly. The two are talking of merging in order to stay in business. But merging costs money...and unlike cars, money these days is hard to come by. So, The historic car makers are lobbying Washington for help. The nation - the argument goes -- bailed out banks and insurers, why not car companies? The car makers say they are too big too fail, that tens of thousand American jobs are at risk, not to mention the devastating ripple effect across the economy if they were to go under. But there is a flip side. If taxpayer dollars are used to bail out Detroit, what about the steel industry or the ailing airliners? Where will it stop? And what if the infusion of cash doesn't work? Do you keep throwing the auto makers a lifeline? At what expense? It's your money? Thoughts?
October 28, 2008 in Economy | Permalink | Share | User Comments (18)
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The Auto Industry is one that provides high quality Manufacturing jobs.
The Airline Industry is one Industry that has too many players and has had them for too long.
Both industries, like the steel industry, milked it for all it is worth.
My gut tells me that to let the airlines alone, they will merg and the majority of the jobs will remain.
The Auto Industry may in fact become just importers of autos made in Asia. Any Bailout for these guys must be connected to protecting jobs in the US.
Posted by: Thinkling | Oct 28, 2008 10:28:09 AM
Absolutely not! They were given billions of our dollars years ago to do R&D for a more fuel-efficent car... they researched a little, but decided to produce the big SUVs and Pickup trucks. Toyota didn't get any of our tax dollars - but did the R&D - now they
are once again ahead of the American car manufacturers. The big 3 in Detroit/America blew their opportunity. I have family members working for GM, they may lose their jobs - but somehow we must teach these big Corporatations that if you get one opportunity and you don't follow the rules - there are no more opportunities! One other point... the Big 3 car companies produce cars that are mostly a costly problem for the car owners.
Posted by: Sandee | Oct 28, 2008 10:28:45 AM
I would rather see America finance the rebuilding and retooling of our automobile plants, enabling them to produce non-oil driven cars, then to give a huge bailout to the banks who made terrible choices in investments.
Posted by: annie in indiana | Oct 28, 2008 10:32:36 AM
Why not? Everything else is...and from the tapes of Obama, soon everything will be under government control, the constitution will be rewritten, to include redistributions, as a liberty, and right. The new Supreme Court will have picks, that will oblige, and uphold these new rights, and liberties.
We'll get to starve, go without healthcare, have our heat, and a/c regulated, as to how much we can have, and any extra cash for movies, or vacations will go to others. There won't be an economy to worry about, so at this point......why not?
Posted by: Jeanie | Oct 28, 2008 10:36:34 AM
Who is bailing out all of the car owners who have had their cars repossessed because they could not make a payment in the horrible economy. We as taxpayers, do not get any breaks. If we can't pay, we lose our cars, houses, etc. When is help headed our way?
Posted by: Lisa | Oct 28, 2008 10:42:01 AM
NO, the auto industry made just as many bad loans so that people that couldn't afford a new car could purchase one. Sorry but I am SICK & TIRED of paying for someone else's BAD DECISION. Once again, 0% down, if you owe money on your current car, don't worry, we will roll that amount into your new loan. so the $30,000 SUV just turned into a $40,000 loan.....Screw the Auto industry & American Airlines and ALL the MULTI MILLION DOLLAR BONUES THAT YOU RECEIVE CEO'S
Posted by: 55Mariposa | Oct 28, 2008 10:48:38 AM
Where will it stop????
Posted by: rickyt1234 | Oct 28, 2008 10:49:26 AM
No, but they will. Where is Ron Paul?
Posted by: Huh | Oct 28, 2008 10:50:22 AM
"Should Your Money Be Used to Bail Out Car Companies?"
Nope
Most of the job losses will be union ones.
What does McCain and Obama have to say about this.
Posted by: Noz | Oct 28, 2008 11:40:58 AM
No, do not bail them out.
Let them figure it out.
Necessity is indeed the mother of
invention. If the industry gets
hungry enough, they'll come up with
something.
The Unions might have to go away.
OR the industry will go away entirely.
We have to draw the line somewhere.
Posted by: desperate times call for desperate measures | Oct 28, 2008 12:38:40 PM
Being a car nut,I would vote YES,I have NO desire to drive ANYTHING thats not made in AMERICA !Remember the DAWOO,It looked and performed like a cheap 22 dollar DVD player.Besides that I would rather bail out a GREAT INSTITUTION as our auto companies,than a bunch of GAMBLERS buying WORLD STOCK,not AMERICAN stock,world stock.....
Posted by: 1Painter | Oct 28, 2008 2:10:26 PM
The stock market deals all over the world,the BIG THREE are write in our BACK YARD.Think about it folks,do you place your bets on some country 99 percent of us will NEVER SEE? or bet on something in our OWN YARD?
Posted by: 1Painter | Oct 28, 2008 2:22:36 PM
The only thing worse than crappy domestic automobiles, are government-subsidized crappy domestic automobiles.
Posted by: JOSH | Oct 28, 2008 3:00:58 PM
Mayby the same should be said about Wall Street,and our government?
Posted by: 1Painter | Oct 28, 2008 3:33:25 PM
If I wanted to give my money to the auto industry, I would buy another car.
I'm going to start a business, and if people don't support it, I'm going to tell on them and make them pay!
Posted by: Justin | Nov 6, 2008 6:14:12 PM
H___ NO!!! All that will happen is more money will go into the executive's pockets. They make too much now (7 figures). Look what the execs of AIG did when they got bailed out (PARTY TIME).
What we need to do is penalize all of the companies that move overseas, not just the auto companies. It may be cheeper to make it overseas, but look what it's done to our country. BUY AMERICAN or MAKE IT IN AMERICA. PUT OUR PEOPLE BACK TO WORK and quit supporting other countries.
Posted by: Ken Hall | Nov 7, 2008 7:13:38 PM
I say the unions who are breaking the car companies should pay the same amount they donated to get Obama elected. They were going to do this with the first energy crisis we had, what happen to that promise?The car companies waisted 30 years and didn't improve the mileage, they should have did it on their own like they said they were going to do.Blaming Congress is a joke, they knew what they were doing, Congress sure in the h--- don't, and it is only going to get worse!
Posted by: Yvonne Wittig | Nov 8, 2008 8:02:32 PM
don't bail out the car companies. people are not buying there broke from paying high car pricrs and gas prices . the people you should help should be the hard working patrons. were over charged everyday. do not fix the big companies instead fix the poor poeple how had to buy over inflated products
Posted by: suz | Nov 12, 2008 12:17:20 AM
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