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The Big "3" Bailout

Today, I watched the hearings on the bailout for the auto industry. Those CEO's have some nerve!!!!! They come to Washington, arriving on private jets, which cost 10's of thousands of dollars to travel on, asking US, the taxpayers, for a handout. When asked how much each individual company wanted, Chrysler is asking for $7 billion, GM, gave a mumble jumble and Ford will take what is left over. Their words, not mine. I say they file Chapter 11, restructure, give the boot to all personnel making over $150,000 and rebuild from the ground up. This is an insult to every working American and I am glad some of our Representatives are very aware of it. What do you think?????

Answer Question
 
foreverb3

Asked by foreverb3 at 6:14 PM on Nov. 19, 2008 in Politics & Current Events

Level 15 (2,221 Credits)
Answers (15)
  • If they go bankrupt that means tons of thousands of people will be out of work ! so i think the government needs to step up and give the money as a "loan".
    Anonymous

    Answer by Anonymous at 6:18 PM on Nov. 19, 2008

  • NO LOAN! We are a capitalist society and should stay so. Yes it sucks that many might lose jobs BUT they have to be made to restructure and right now they want the money and to not have to change anything. How the heck is THAT supposed to work! WE will be right back here in 6 months!

    momof030404

    Answer by momof030404 at 6:24 PM on Nov. 19, 2008

  • If they go bankrupt that means tons of thousands of people will be out of work ! so i think the government needs to step up and give the money as a "loan".

    This is actually FALSE. They Don't GO BANKRUPT. They ACTUALLY File for Chapter 11 Protection. This would protect their assets and ensure their suppliers get paid.

    Filing Ch 11, means MORE oversight of things like Unions and Exec Wages. (which is why the union and execs DON'T want Ch 11, and would RATHER have a BAILOUT.)

    A BAILOUT, is a temorary fix. There is NO GUARANTEE that jobs will be safe in 3 months or 3 years. It's merely a bandaid for the "downturn".

    http://www.bizjournals.com/stlouis/stories/2008/11/17/daily51.html
    grlygrlz2

    Answer by grlygrlz2 at 6:36 PM on Nov. 19, 2008

  • Why can't they get a loan from a bank? It's because there company isn't strong enough to loan money to, it's too risky, and this loan isn't going to help them make cars it's helping them pay retirement benefits and wages, it does not fix the problem sad enough to say. GM and the others are going under because they have been strong armed by the unions and they are to over committed, it is ridiculous if anything someone super rich needs to take over and boot the unions..but that can't be done is my guess. They are going to fail because of the way they have been ran, I love GM I am very sad, but it is greed that has caused this.
    SheriSanchez

    Answer by SheriSanchez at 7:00 PM on Nov. 19, 2008

  • I SAY NO LOAN..THEY CAN REGROUP. I AM GETTING SICK AND TIRED OF PAYING FOR OTHER PEOPLES MISTAKES. I DRIVE GM SATURN AND LOVE IT, BUT WOULD ALSO LOVE TO HAVE A MORE ECONOMY FRIENDLY CAR. I USED TO WORK FOR A UNION, I LOST MY JOB BECAUSE THE UNION IS TOOOOOOOOOOO GREEDY ALONG WITH TOP CEOS. WE SAY NOW, BUT SINCE WHEN DOES THE GOVT LISTEN TO US?
    yiayiaann

    Answer by yiayiaann at 7:22 PM on Nov. 19, 2008

  • Heck No we should not bail them out.They screwed up not us, I dont think we should have to pay for their mistakes. This country is in debt far enough as it is.
    Alexsmom04

    Answer by Alexsmom04 at 7:48 PM on Nov. 19, 2008

  • NO!!!!!!!!!! I live in Metro Detroit and they have been doing nothing until very recently to compete with the foreign markets. The CEOs are greedy, the UAW is greedy and Chrysler has ALREADY had a bailout and look where they are, again! If the government helps them out, they will be right back in 10 years or less asking for more money. What they need to do is let things run their course. Let them file Chapter 11 (or go under) and start re-building from the ground up. Too many years and too much money has been wasted on them while they sat there thinking they were safe from foreign competition. I know that this would directly impact the area that I live in and a few family members of mine but it's what has to happen. I'm happy to know that most of the politicians in DC are not supporting them.
    beadingmom17

    Answer by beadingmom17 at 8:26 PM on Nov. 19, 2008

  • i think it is even more amazing that the UAW leader has come right out and stated there would be no union concessions, that they have given enough over the last 3 years. greed?
    those union members should be told, take a cut in pay and benefits to mimic what the country averages are or get packing.
    if the big 3 let the unions go and call their bluff, there will be more people lining up for those non-union auto jobs then there will be jobs. unions are out of date and cannnot allow companies to compete in todays world.
    let them learn the hard way.
    JumpingHoops

    Answer by JumpingHoops at 8:28 PM on Nov. 19, 2008

  • if the big 3 let the unions go and call their bluff, there will be more people lining up for those non-union auto jobs then there will be jobs. unions are out of date and cannnot allow companies to compete in todays world.


    Very good point, JumpingHoops! The unions in the Big 3 only seem to hold them back.
    beadingmom17

    Answer by beadingmom17 at 8:35 PM on Nov. 19, 2008

  • They need to file Chapter 11 and start over. They'll just be back begging for more money down the road if they are bailed out now. Part of the reason they are not profitable now is due to the unions sucking the life out of them 30 years ago with their 30 and out deal.
    LOSTMom815

    Answer by LOSTMom815 at 8:52 PM on Nov. 19, 2008

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