Auto industry bailout: yes or no?


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eHA_Admin_Lori is offline eHA_Admin_Lori — Advice Official Moderator Post #1  November 18,2008, 12:12pm
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The automotive industry is asking for a $25billion taxpayer funded bailout.


Should we or shouldn't we?
 
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AZredwing is offline AZredwing Post #2  November 18,2008, 1:00pm
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Sure - If we can set aside $700B for the banks, insurance and financial companies, why not $25B for the automotive industry. Just make sure that the same terms, conditions and potential to recoup thebailout expenditures exist. And please be aware that it is the Automotive Industry - not just the Big Three. There are so many small businesses directly linked to the Automotive Industry (including DOD work) that will hurt a very large group of middle Americans.
 
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tweet37 is offline tweet37 Post #3  November 18,2008, 3:35pm
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It should be conditional. I don't know what all the conditions would or should be but they should at least include the forfeiture of the big salaries and bonuses that allthe CEO's, CFO's, etc. received for doing such a bang-up job.
 
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LizziePooh is offline LizziePooh Post #4  November 18,2008, 3:52pm

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I do not know if throwing money at the auto-makers is really go to help. I heard recently that half of what GM pays in wages, pensions and health benefits are for retired persons. That is pretty astounding when you think about it. How can a company survive when 50% of what they pay out in benefits/wages/pensions are for people that do not work for them anymore? Will giving them money up make them solvent..if so, for how long?


Bailout is a tough one.So many people are dependent on certain industries that to have them fail would be catastrophic. But on the other hand, we can not bail out every company that fails. Are companies even going to be allowed to fail anymore? Starting these bailouts and seeing where we are going to end up because of them is unknown territory for everyone. And I am really worried. Will these bailouts even work? Or are we throwing good money after bad?
 
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Hooton is offline Hooton Post #5  November 18,2008, 4:38pm
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Businesses are run on profitability not Liability. Why have a business that is unable to support itself.Where does fantacy end and liability begin. If we have to moniteraly support the motor vehicle industry we may as well support all businesses that fail!


Is there any end to these stupid topics!!
 
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killbill is offline killbill Post #6  November 18,2008, 7:34pm
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I vote yes.... but not for any REAL reasons. I'm no economist, so i don't really know whether it's a good idea or not.


But I DO know is that I identify with auto workers more than big banks. I don't know what Goldman Sachs or Lehman brothers do (except that they made bad decisions about doing it). I don't really understand it. But I drive a car. I've known mechanics. I know that there are hard-working people with a lot less to fall back on than investment bankers. I also know what they might use that money for (pensions, keeping people at work, developing better cars). I can't say any of those things about the financial industry.


@Hooton: quit whining and start your own topics.
 
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raidengl is offline raidengl Post #7  November 19,2008, 3:03am
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I recieved this email directly from GM yesterday:





Because our futures are linked, I want you to know that General Motors is doing everything possible to deal with the impact the financial crisis is having on the domestic auto industry. Yet despite our successful efforts to restructure, reduce costs and enhance liquidity, we are facing an uphill battle with the current administration and Congress in securing a bridge loan.


That's why we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.


Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.


The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:


• 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


Discussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking you to support this vital effort by contacting your representatives.


Please take a few minutes to call your representatives by dialing 1-866-471-5332. Just state your name and address, and your message will reach your legislators. You can review a script that will help you state your support at gmfactsandfiction.com . Under the "Mobilize Now" section, click on "I'm a Supplier." If you would rather e-mail your representatives, use the link "I'm a Concerned American."


Please share this information with friends and family using the link on the site.


Thank you for helping keep our economy viable.
 
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Sanji is offline Sanji Post #8  November 19,2008, 4:10am
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While I would really LOVE to say, "Yes." My fiscally conservative side is screaming, "NO!!!"


If it's just to bail out the industry, so that they can continue down the same path, not changing how they do business, or what types of cars they produce...then, "HELL, NO!!!" They need to have a PLAN of what type of cars that they are going to produce. ENERGY EFFICIENT is a mandatory item, not to mention longevity, and sound structural quality. If they are going to receive money from the government to save themselves, then they should have to create cars, trucks, and SUVs that people will want to buy NOW (not 'we will make changes at some undeterimined time in the future').


Another question is this, if Tesla Motors can produce an electric car that goes 0 to 60 in 3.9 seconds, and (last I heard) were working on an 'affordable' version of the car, where are the big three in development on building a similar vehicle?


Like I said, I'd love to say that the government should bail-out the automotive industry, but if they are going to just do the same thing that got them into this mess, then what is the use?
 
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godlessinseattle is offline godlessinseattle Post #9  November 19,2008, 6:32am
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No.


If they are unable to make cars and trucks that the consumer wants then they deserve to collapse. For the most part they are in the position of beggers now because they were unable to stand up to global competition.


If we give them money now to continue to make cars and trucks that no one wants, at prices no one can afford to help them meet the bills of an army of unproductive retirees we will be on the hook, forever.


I say, no to corporate welfare. We don't need more welfare bums who feel entitled to be looked after and do nothing or little to help themselve.


I am sure if they start to go down other more productive manufacturers will buy them out and hopefully start making cars and trucks that people want.


No to corporate socialism.
 
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m8se69 is offline m8se69 Post #10  November 19,2008, 7:04am
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I am completely and utterly appalled that this would even be a consideration. They just showed on GMA this morning the CEO's of the automobile industry getting off of "Private" planes to meet with Congress to cry and belly-ache. They showed what a commercial flight would have cost them ($244) as opposed to the thousands it costs to charter a private plane. But I digress...


All of these bail-outs are a joke as far as I am concerned. The big banks and auto makers are reaping what they sowed over the last decade. While they were robbing the American public with their over-priced vehicles and high interest rates on loans that should have never been given in the first place; they were happy fat-cats. Once the proverbial and inevitable sh$t hit the fan, they drove the stock market and consumer spending into a tail-spin.


The people that need the help are the ones that are going to pay even more in the long run if these bail-outs occurr the way they are stated and written. It's time the big corporations come into the real world and face-up to what life is really all about.
 
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