This is incredible. While we were all busy contemplating the $700 billion omnibus bailout proposal, the House passed a $25 billion bailout of Detroit. According to US News's analysis:
It's much bigger than the Chrysler bailout of 1980.There are few strings attached.
In Chrysler's case (but not GM and Ford's), taxpayer dollars prop up a private company.
What is wrong with this country? Is anybody not too big to fail? Why is public money on the hook to rescue people who make cars Americans don't want to buy?
This is capitalism? I mean, what the hell? Who else wants a bailout? I work in the newspaper industry, which is also failing. Why shouldn't Uncle Henry bail us out? That's $25 billion, bam, just like that. This country is in a hell of a bad way. It's hard to know what to say anymore (though somehow, I suspect we'll all muddle through and find something.)
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I feel bad for the next president - there should be a law that limits what an outgoing president can do. Passing bills that are unfunded and relaying on the use of future money. I am really concerned - this is completely out of hand. No one is looking to help the people who brought the car and for whatever reason can no longer afford. Why are we bailing out the big guys - so what they are unable to sell cars? Is this bailout going to magically create consumers that are now able to purchase a new car? (I don’t think so) slow down the production line - this may result in layoffs but - eventually that is going to happen anyway - I would rather get laid off prior to making a car that no one needs, wants or can afford.
@Faith Sloan
Bail out the U.S. citizens. The guv'ment write a check for $1.5million to every taxpayer in the country -- yes, you too. this would cost the guv'ment $375million dollars which is a far cry from $700billion AND we do not own any of those nasty toxic assets.
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I assume you are joking. 1.5mm per tax payer at a total cost of 375mm implies 250 tax payers. At 2003 the nnumber of tax payers was about 130mm. This would make the total cost of 1.5mm per tax payer equal to 195,000,000,000,000 (or 1.95E14).
That is sick...sure bailout the rich...let the poor be poor...why are the car companies still advertising on primetime TV when it costs millions. Stop the ads and save some money...I don't buy a car because I see an ad on TV. As a small business owner...I will not get bailed out when I can not pay my monthly expenses....
Hey guys, can you calm down about the auto industry bailout? Do you realize, that it is one of the last products we actually do design and manufacture (in part) in this country? I agree the unions are partially at fault for some of the problems, but you really need to think about the middle class. Some people are not cut out for college, and a job in a plant with a decent wage is something they work hard for. Don't forget, they have families to take care of and children to put through school! I'm not going to say the high salaries of the executives and the retirement pay they receive is fair ... far from it. But, if you are going to criticize the automotive industry, how about the sport teams and owners? How about the financial buyout earlier this year? We need to help the automakers get back on their feet. Our middle class depends on it.
__HEY LIVING IN DETROIT, JUST WANT TO LET YOU KNOW THAT WHILE I DO NOT WANT YOU TO LOOSE YOUR JOB OR YOUR HOME, I FEEL THE NEED TO OPEN UP YOUR EYES TO THE FACT THAT THESE BIG WIGGS DON'T GIVE A HOOT ABOUT YOU, ME--THE WOULD BE CONSUMER,WHO IF BY CHANCE LOST HER JOB WOULD HAVE THAT NICE GM TRUCK SNATCHED AWAY FROM HER, AND A HOST OF OTHER ORDINARY PEOPLE BUT THEMSELVES. IF THEY DID, THEY WOULD HAVE DONE JUST THAT OF WHAT WAS ASK OF THEM AS TO HOW THEY ARRIVED IN WASHINGTON DRESSED TO THE TEEEEEE IN THEIR MULTIMILLION DOLLAR ARROW SPACE YAHT ASKING FOR A HAND-OUT FROM THE GOVERNMENT. DO YOU REALLY THINK THAT THEY WILL GET RID OF THEIR PRECIOUS ARROW SPACE YAHT AND SAVE YOUR JOB?!!! I THINK NOT!!!!! ACTUALLY, WHAT WILL HAPPEN IS THAT THEY WILL TAKE THE MONEY, CUT YOUR JOB OUT (BETTER NOT HAVE BEEN THERE TO LONG CAUSE YOU WILL GO FIRST) KEEP THE RECENTLY HIRED EMPLOYEE BECAUSE HE MAKES LESS THEN YOU DO. SHUFFLE AROUND A COUPLE OF DEPARTMENTS AND SYSTEM OPERATIONS. LABEL THAT AS RESTRUCTURING OF THE BUSINESS AND VIOLA!!!!! THERE YOU HAVE IT. THE NEW AND REVIVED GM/FORD AUTO COMPANIES OF AMERICA COMPLIMENTS OF USA'S TAX PAYERS MONEY!!!!! DON'T BELIEVE THE HYPE!!! MAN'S GREED AND PHYLOSOPY, MONEY FIRST, THINGS, AND THEN PEOPLE IS WHY WE ARE IN THE RUT THAT WE ARE IN NOW. DO NOT PLACE ALL YOUR FAITH AND EGGS IN THIS COMPANY'S BASKET.
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