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Should the Govt bail out the Auto Industry
We have seen through the last several months, the government bail out the banking industry - which didn't work, apparently. With the new request to bail out the auto industry, do you think it should be done?
Dont get me started on those crooked bastards
as in any business, if you can't produce a quality product at a decent price, your business fails.
I think a Chapter 11 will help them to revamp their plan just like the airline industry has had to do. It will also allow them to keep employees but benefits and salaries would be adjusted. At least people would have jobs!!! The bailouts are not going to work in the long-term - only the short-term.
yes, you're right -- it would temporarily save jobs, but at what cost? the money has to come from somewhere -- more taxes mean less people have money to spend -- hurts the economy -- or taxes other businesses, who then cut back their own work force. someone is going to hurt and i think it should be the business that is failing, not everyone else. i do feel for those losing their jobs, it is time to re-think the industry and to re-think their futures.
If we bailout these crooks, then they should ALL lose their jobs and the government should own their companies. These CEO's (especially the one at Chrysler... who was the CEO at Home Depot and then fired by them and given millions of dollars for being fireed) digust me.
This whole bailout thing has just chapped my a$$. The amount of money paid to these CEO's is simply assanine(sp?) If they would of cut all their wages in half they could of had 700 billion in a half an hour....and lets not forget all the congressman too. grrrr
Why bail them out? The lots are full of cars they cannot sell because the poor working man either has lost his job, or cannot get a loan to buy one anyway. It is a bandaid. They will be back in a few months with their hand out again! Are they going to produce more cars and sit them on the already full lots with the rest they cannot sell? Makes no sense to me.
Hey did you guys see where the CEO of GM drove a hybrid Malibu this time instead of the private jet? I bet he bit*hed the whole way - wouldn't you think? I drive a Taurus everyday and it doesn't bother me, but you know that's a new experience for him!
I don't know what they are going to do - if they don't bail them out - the people in the plants will lose their jobs - if they do - we have to pay for it in some way. It's amazing to me that Honda and Toyota aren't having these problems. We have a Toyota plant in Huntsville, so we can't say they are all built overseas, but they seemed to be managed at least a little better.
During the banking thing and this one, I wonder why they aren't bringing in successful business owners to give advice on their management policies that got them here (example: Bill Gates, etc., or in the auto industry - the Toyota or Honda manufacturers).
Rach
I don't know what they are going to do - if they don't bail them out - the people in the plants will lose their jobs - if they do - we have to pay for it in some way. It's amazing to me that Honda and Toyota aren't having these problems. We have a Toyota plant in Huntsville, so we can't say they are all built overseas, but they seemed to be managed at least a little better.
During the banking thing and this one, I wonder why they aren't bringing in successful business owners to give advice on their management policies that got them here (example: Bill Gates, etc., or in the auto industry - the Toyota or Honda manufacturers).
Rach
The fact that the CEOs took separate private planes to travel to make the request is upsetting to me. If they wanted to make a strong point and appeal to us, they should have shown up driving (car pooling, too) in the very cars they produce!
this is a tough question..before i got sick i worked in the car idustry for close to 10years...there are so many other jobs effected by the car companys thaqt in a year over 2 million people would loose their job if the big 3 fail..there biggest problems i they got away from letting car guys run the company..back in the 90's general motors went and hired the ceo of baush and lomb to run the car company, after they got rid of him Rick wagoner who is ceo now was a cpa, worked his way up but doesnt know carsthats the problem
The government should help the auto industry, but not in the way they are asking.
The help should start with a bankruptcy filing. They should be given more time under protection than most businesses get, and the government should work to underpin DIP funding.
The PBGC would then take the pensions, and the retirees would lose their health plan to Medicare. The UAW would need to negotiate a new slimmed down contract.
It wouldn't be pretty, but it would work with minimal taxpayer funding.
The help should start with a bankruptcy filing. They should be given more time under protection than most businesses get, and the government should work to underpin DIP funding.
The PBGC would then take the pensions, and the retirees would lose their health plan to Medicare. The UAW would need to negotiate a new slimmed down contract.
It wouldn't be pretty, but it would work with minimal taxpayer funding.
If government helps bail out the auto agency, then what next? The government can't bail out every company... Perhaps bankruptcy would be the better of the evils to choose.
I agree completely! That's what I have felt all along. This is what bankruptcy is for - and it can help them reorganize. The bailout is only a bandaid for a gaping wound!!
Hell NO!
I could care less about the CEO's but the average people who are solid harding working blue collar Americans will lose their jobs. They don't deserve it. On the other hand if they are bailed out the CEO's will recieve their needed funds and that doesn't stop them from downsizing many of the workers so its lose, lose. You could see the documentary "Roger and Me" for a better perspective. Perhaps my perspective could be taken as "left wing" but I don't think of myself that way. Its what will help your average American, regardless of politics. And if the 3 major auto companies went bankrupt it certainly would but if the CEO's in charge were bailed out at the expense of your average taxpayer it wouldn't either. If they did it right, then yes it could work but keeping in mind that all the hard working people there keep their jobs and the people in charge of the corporations, the CEO's, the board of directors may have to take a salary cut. One less yacht or mansion for them. I don't think it would hurt them.
Well if the government goes ahead and bails out the auto industry, I can just imagine all the other industries getting in line wanting their bailout too... That can't be good. Besides I thought I heard that the bail out is really a loan. That means somehow the industries will have to fork up the money to pay it back at a later time.
To me that seems like MORE debt in the making... I know next to nothing about the Economy, but still these words come to mind; Bail-out everyone = Epic Fail!
To me that seems like MORE debt in the making... I know next to nothing about the Economy, but still these words come to mind; Bail-out everyone = Epic Fail!
I agree and I certainly wasn't happen when they bailed out the major banks as the directors and ceo's of the banks really weren't hurting for money. The problem is if all of them went bankrupt our money and investments would be gone. I say this knowing relatives who live through the depression when it happenned for real. I'm not sure how to solve the problem. They need some form of bailout that allows the companies to stay afloat so average Americans (in the 1,000's probably) don't lose their jobs but the ceo's and executives don't get what is basically a corporate welfare check. I don't know how this balance could be made. Its complex. I try to understand the economy but it puzzles me but all I know is that in the last 8 years we've gone from a surplus to a massive deficit. Clearly something was done wrong and we've got to figure out how to solve it. But if you go back to the depression many of the regulations to prevent it from happenning again enacted by F.D.R. were overturned in recent years. I see no reason why they should not be put back into place and this might stop another crisis but we've still got to solve this one and it won't be easy.
thye CANNOT let the car companys go under.. in Novemeber alone we lost 530,000 jobs.. if the big 3 go under we will loose some 2 to 3 milliuon jobs.. i like others stated no one knows the answere but leting them go under isnt the answere either one thing they should e made to do is change there business module because it has failed for the last 20 years, and the union will have to make some big consessions, but that would be better then all the workers loosing thir jobs
Agree with jollyman we need to do this and quickly I see a deal has been cut and they get 17 billion not 34 billion,
agree with Margy n Brian we are in trouble, lets see the ceos take a tremendous pay cut though.
Think i am going to go to Washington and see if they will give me some money and bail me out too. Wish me luck!!!!
you better hope that umbrella is real magical sara.. remmeber we are just one of the masses we have to bail ourselves out
Give 'em a "Bridge loan" & they'll be back fer more. Whats wrong with reorganization under "Chapter 11" ? About time they restructured. I'm from Detroit. I know folks on the line that tell me of massive drug and alcohol abuse on the job. You ever been at a party store across the street or near a plant when the lunch horn sounds ? I have. There's a line out the door of guys getting their pints and fifths for a good liquid lunch ! Drug dealing, sleeping though an 8 hour shift while getting double time, etc., etc. Been going on for decades. --- I know guys that are high school drop outs that got the nice home in the suburbs, the cottage up north and all the ATV, Snowmobiles and fancy toys that money can buy. Excuse me if I don't feel sorry for them if they got to take a pay cut under a chapter 11 reorganization plan !! Not to mention all CEO'S and union "Fat Cats" !! Bankruptcy under Ch. 11 is the ONLY way to stop an out of control money train. Why do you think all the money grubbing hands are so afraid of the word "Bankruptcy" ? Ahhhh, were all gonna die if you let us go bankrupt !! BULLSHEET !! I'm with Sarah, Brennd's and Helpin Utah !! No more Handouts !! Unfortunately our duly elected are going to do JUST THAT !! Tax YOU, give it to them and stuff their own pockets with kickbacks while there at it !! Over and over again ! Dang question just ruined my night !! grrrrr !! Burrrrrrrpatch.
Letting the companies go into bankruptcy and reorganize is not letting them fail. The airlines that went bankrupt continued to operate and employ large numbers.
These companies are going to have to make huge changes to survive, and the question really is how best to do that.
These companies are going to have to make huge changes to survive, and the question really is how best to do that.
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