they need it i say give it to them with interest of course.

Only room for two of the three. One needs to go.

We gave out to almost or just over a trillion to Wall Street who produces hot air and hysteria, and to the financial corporations and banks, and all those CEO’s and executive officers are the benificiaries of those four +plus bailouts. So my question is, wouldn’t it be good to finally bail out a company which does product a real product?

The auto industry must get these loans. Three to four million jobs are related to the American Auto Insustry. The banks were bailed out so they could make money available for loans for cars, etc. Instead they used most of the money to buy up each other. This certainly is nothing new. The sugar industry has been subsidized since World War II. Even with the loans their will be thousands of jobs lost at auto dealerships. Whether y;;ou call it loans, bailouts, stimulus, subsidy, tariff, or anything else, the taxpayer has to pay for it.

Jack,
I do not think there is a right answer here. (dammed if you do and dammed if you don’t)
But I do not want to be played a fool, by these Exec’s stating they will drop their pay to $1. When everyone knows their bonus’s are 10 fold what their pay is. If they would drop the bonus and keep their pay. THAT would be impressive.

The CEO’s must swear off stupidity.

Their compensation needs to be tied more to performance than getting good old boys on the corporate board.

I guess I would say yes. Before they had foreign competition and they all had to pay the same wages and benefits they gave the store away rather than fight. Now they Are having to pay the piper.
All car sales are down not just the big 3, and most get subsidized by their countries. Why should we be any different?
As to them seling gas guzzlers, they just sell what people will buy, but they can’t adjust as fast as people change their minds. So don’t blame the for the SUV’s, Its what people wanted.

If the U.S. automakers want to succeed in competing with foreign products, they need to quit paying their janitors six figures, and kiss their annual million dollar bonuses for failing CEO’s goodbye. And please, stop trying to sell the same car under six different brand names.

Ask the people in the former comunist countries if the government control they experienced was best for them, or is the free market/capitalism that they now experience best. Then ask yourself, can I survive without a car made by a company in the US?

Free market / capitalism believes in survival of the fitest. Its obvious that the big three are not “fit”, nor are the contracts to do business that they are tied to ‘fit” for free market society.

If something isn’t done I’m afraid the ripple effect in other industries will cause more job losses. So help them - but oversee the help & make sure they improve efficiency please. Don’t let the oversight be like the financial sytem bailout oversight (or lack there of) please. Can’t we force accountability anymore?????

Simple solution? Don’t know if there is one BUT…. a good start would be salary caps for exec’s [both junior and senior] of say 250,000 per year with bonuses ONLY if profits support it. Step 2… tell the unions to take a hike! Everyone takes a cut in pay or they shut the doors and ya gits nuthin! Compete with the rest of the world automakers in price, economy and quality. If every one of us tightens the old belt a little we can be a world power again! American workers deserve to have our own manufacturing base. We can no longer tolerate outsourcing of our jobs! A global market ONLY works if its a level playing field. Right now it isn’t.

If they have a business plan with a clear path to success, they deserve a loan with interst and limits on CEO compensation. What I would like to hear though, is why the oil companies are not being held responsible for this mess? They are the ones who gained from not developing alternative energy. The auto companies simply caved in to pressure. Just follow the money!!

Take the obscene profits from the oil industry that have puppeted the auto industry since its inception and use it to give the auto-makers a green face-lift. There is no reason that billions of dollars should be expected from taxpayers to bail out auto companies while oil companies walk away with outrageous profits for polluting the environment.

why does congress get the right to decide to save the few while the rest of us are left out in the cold with no home no food no christmas just invisible people hurting for real instead of the auto industy people and all their jobs oh well no one just bailed us out

and they are making us pay for their mistakes (bail outs) bah humbug
something here is very stinky and it is the congress and whole policiticians

throw the whole bunch out and put in honest hard working americans that think beyond theirselves. god forgive them i can’t washinton one of the highest taxed states and cost of living exceeds most other states !!!

With stipulations, massive budget cuts and constant oversight, feel we must bail out the auto industries. There are too many jobs and spinoffs involved and to not do so would be another major diaster. Our country cannot handle too many more.
They have mismanaged and made many mistakes. But there has not been fraud, greed (except for the executives) as with the financial institutions. Why were not conditions laid out to them and why are
they being allowed to continue with business as usual?

I cannot imagine letting them fail. But I also cannot imagine leaving the same people in charge. They need to get rid of the people who helped run these companies into this situation. If you really think they are smart…just think back a couple of weeks ago when they each flew private jets to Washington …….. are you kidding me? And I agree with another comment…they say they’ll give up salaries or reduce them to $1 - like was said, the bonuses are where they really make money they should give up all compensation if you ask me - show them the door!

The American auto industry is frankly a mess, the worst of these being GM, during the 1970’s back in the UK they had a huge corporation called British Leyland. This company could only be described as a huge giant, consuming huge amounts of cash, it never worked and was one of the biggest government follies ever.

If I was the CEOof GM I would dismantle the whole operation, first I would get rid of the brands that are out of date and do not sell, this would also result in plant closures I am afraid. I would then re-brand some of the makes GM produce, bring teams of designers from Europe and start designing better vehicles.

The re-branded makes would re-gain their former identity, I would look at the new designs to ensure they could match the quality of Audi and BMW, in conjuction with the volumes needed to maintain good residules. These companies could also attract new investment from companies in Asia etc, I could go on and on, however, the bottom line is that the people my heart goes out to is the factory workers who have been let down by very poor management with no vision; suffice to say though I blame their union representives as well, as they also have zero vision.

Jack,

For the sake of the employees at the big three, they should not be victimized by the poor decisions that the top big three cheeseheads has made in years past. So in this rare case, the govt. should come to their rescue, BUT I emphasize that every dollar given to them must be repaid and accounted for and their so-called lay out plan must be honored. This should be a platform of an example of poor management by the Big 3.

Daniel Ambrose,
Atlanta, GA

I’m confused Jack; why are we even questioning weather or not to help the auto industry? How much has the government spent on the bank bail outs? Is it working? Did we put restrictions on them? Damned if we do; damned if we don’t

I do not care about the auto industry but I do care what is best for our economy. We need written guarantees that the auto industry will create jobs here in the United States for the taxpayers who bailed them out. They need to get lean and better prepared for the future of their business. They need to stop making gas guzzling vehicles and start concentrating on being green. That is what is in the future and if they don’t know that by now, only a fool would lend them money. The union should also realize that it is better to have a job with less benefits then it is to have no job at all.

Change has been the biggest American issue this year, so let’s dump the U.S. auto industry, and bring back the buggy whip days. At least it helps us to get off of foreign oil.

James Michael Collins

First: Let them fail. It’s what happens in a free market economy.
Second: Unions go away. They have too much power, and they use it to try to control all aspects of a business. I understand that they beleive everyone needs benefits, and a decent wage, but those should be the businessmen’s decisions, not the metal workers.
Third: The companies that take the place of the big three should be proactive, not reactive. The failure of the auto industry is because they didn’t see the big oil problems coming. If they had, they wouldve been ready for this years ago.

They are to blame for everything. Don’t give them an easy way out.

let’s see here..give the big ceos nothing from the package, get rid of old managment and bring in new management with reasonable pay..also give the union workers a raise so they keep their jobs and new contracts from their unions..don’t give ceos nothing; let them suffer like the middle class do..they want to beg for money instead making hugh scarfices such as cutting their salaries and bonuses..as far as i am conern, the big giants need to shut up and think about other solutions..

let them file bankruptcy and reorganize, they keep on “going”

The right answer is definitely not reducing the hourly worker’s wages as some people seem to think is the main problem with these companies. The idea to bring all the working class wages down to those that a greeter at Walmart gets is the height of stupidity and the Conservative way of doing business.

America needs decent paying jobs so people can afford the goods and services that keeps the economy solvent. When people suggest workers should take wage cuts it just translates into them wanting everyone being at or below the poverty level.

The only feasible action is to guarantee the auto industry loans until they can recover from the Conservative created recession.

I am originally from Detroit, and there is a long history of automakers in my family. My Great-Grandfather was one of the original people who worked with Henry Ford. That being said, I think that if the government is going to bail them out, then we should get something in return. In the 1970’s when we were having that other energy crisis, technology was invented that would be useful now. I say, the automakers need to go back into their vaults, look at some of the companies that they swallowed up to avoid competition, and give only us SUV’s that get 80+ MPG and cost under $12,000, then sell their jets. If they want the money bad enough- then let’s go back to competing globally and being leaders of technology and innovation instead of following foreign auto-makers. Alternative fuel- here we come!

Let them file bankruptcy and restructure. Their business model is outdated, the make/sell cars that no one wants. They deserve what the mess they are in.

History tells that if you fail, you go down. Congress doesn’t care about history. None of them want to be blamed for not doing “the right thing”. So they will ignore history and bail out the auto industry with our money. Not their money, mind you, their money will be the contributions and bribes they receive from the auto bureaucrats and union whiners. Why does free market always have a price tag?

let them straighten out their own mess as we all have to do without bailouts, faulty loans, government incentives…they have had a gravy train for years and years now it is time to take responsibility and let bankruptcy take over so they will be more responsible and accountable.

The right answer? Get a bike.

Jack: This level of cluelessness–culminating in private CEO jet flights to Washington to beg for money–is hardly random. It took 50 years of really bad management to get here. Both bankruptcy and bailout offer the same dismal prospect: a zombie-like return of the same poor thinking that made Detroit the East Germany of American business. There can be no rescue for an endemic mindset like this. It must be broken up. Incompetence on this scale and depth demands nothing less. The suppliers and workers of the US auto industry are the biggest victims here–but we cannot afford to use the sclerotic bureaucracies named GM, Ford, or Chrysler to be the agents of rescue. They just don’t know how.

Ever hear the saying, “Make a rich person poor and chances are he or she will be rich again. Make a poor person rich and chances are they will be poor again ? This is because they haven’t changed the habits that made them that way. You can’t bail out the auto industry without first changing the things that got them where they are in the first place. Big oil should contribute to the bailout since they are the ones that profit the most from the high horsepower gas guzzling cars.

Jack
There is no clear answer to this question. A good business plan going forward, approved by the lender. Reduction of the headcount throughout the company both union and management. And lets have some givebacks from the UAW, there hands are not clean in the mess. When you can build Toyotas in South Carolina at a cheaper labor rate than you can in Detroit somethings wrong.

The Big 3 should get the loan. After all, congress bailed out the finance and Insurance companies with no strings attached. The circumstances that led to the problems with the automakers was a financial crisis. Toyota sales have dropped by 34%. It isn’t that they are making cars buyers don’t want. The one condition congress should ask for is major concessions from the unions or allowing the Big 3 to eliminate the unions. That would put them on an even playing field with the foreign car makers in this country. If they fail to get the loans, the big 3 should file for bankruptcy. Then they can eliminate the union.

The Big 3 need to merge into one giant company. This would allow
them to cut 2/3 of their management positions and become competitive. You wouldn’t keep all those million+ dollar a year jobs
after a merger.

To me it’s really quite simple. Let the supply and demand of capitalism treat these businesses as it has treated so many others. If they fail, they fail. The free market can’t support them…oh well. Maybe they need to fail. Maybe we don’t need three of them any more. Besides, they have not met the demands of the people like certain other foreign owned auto companies have.

The right answer is help them but help them make a car that saves fuel and our air quality. They have the know how so now is a good time to make them use it. We need the big three to get back to work because they effect so many jobs across the country. Help them to help us get back so many lost jobs. Between the auto industry and getting to work on our infrastructure, which is in desperate need of repair, the economy will once again thrive.

At this point in our economy, they cannot be allowed to fail; however, there needs to be a plan approved by management, the union, creditors, suppliers, and the taxpayers which allows them to survive and succeed.

Ed Reed
Port Aransas, TX

Obviously the US automakers have lost touch with what consumers want. The only way to get them back on track is to mandate what they must do:
1. Management must regularly drive a Toyota, Honda, or Mercedes.
2. Management must regularly drive a GM, Ford, or Chrysler vehicle.
3. Management must compare and contrast, and then fix all of the product issues that make US vehicles seem cheap in comparison.

Let’s just say that you see a lot more old Mercedes Benz on the road than you do Buicks. That ought to tell you something.

I believe I can solve this problem all by myself.

About 8 years ago I bought an Oldsmobile, and soon after that, GM stopped making Oldsmobiles.

I then bought a Pontiac Bonneville, and they stopped making Pontiac Bonnevilles.

All I have to do is to buy a Hummer, a Saturn and a Buick, and they will stop making Hummers, Saturns and Buicks.

What I don’t understand about the hearings for a bailout is why are there only three executives there. The fourth, who actually has control over all three companies, is the head of the UAW, Gettelfinger.

How can the industry be reformed or even attempt to reorganize when the UAW bears a large part of the blame for creating an industry which can no longer compete. The auto-executives can tell any cock and bull story about reform, but without the UAW being part of it it is just wishful thinking.

There is no question that the industry and the unions went off down the road to mutual self destruction.

Either the UAW opens the entire master contract and local contracts, or we should just allow the bankruptcy laws to set it straight.

CEOs/Management and employees, as well as retirees need to cut their pay, cut their benefits and cut their annual bonus. Yes, that is right - as of 2007, and possibly 2008, retirees were receiving bonus checks too. Their retired! This is fact because I saw my aunt and uncle’s bonus checks, and the neighbor down the street from them. The bonus check was about $900. for each of them AND THEY ARE RETIRED! What did they do to deserve a bonus??? They get their pension, they get their medical benefits, they get their social security - why do they get a BONUS CHECK? Especially, when the companies were losing money!
Do I feel sorry for them? Nope! Do I believe Americans have to bail out the auto industry - yes, begrudingly though.

GM needs to go into Bankruptcy as it appears they have the worst Management by far.
We are not a Capitalist system any longer when the Corporations run the USA - Corporations take the American people’s money and bribe the Politicians, then keep alot money for “self”; and when they get in trouble because of their greed and incompetence their buddies the “Politicisans” rip the poor good decent honest American off again.
There will be a reckoning down the road however.
Joanne B
Minnesota

The government needs to raise tarrifs on foreign made autos and lower taxes on US made autos as a start. Then we need to get the Big Three a bailout package with stipulations including capping executive pay and benefits, repayment schedules, and guarantees that the money stays in America. Another idea may be to freeze their stock prices for 6 or 12 months to let them reorganize, drop a line or brand name possibly, without taking a huge hit. The one fact in this is that too many jobs are on the line to do nothing.

Well Jack, if the so called big three are so big why are they in so much trouble? Can you say,” bad management.” If these companies get billions of our money, where is my share? The bailout will help them only in the short term. A billion dollars would help me in the long term.
At least I could afford to buy a new car “made in Japan.”

Craig
in Oklahoma

Union automakers are overpaid, that being said, CEOs are more overpaid, so if the corporate execs expect union workers to renegotiate their contracts they should do so as well. Give out no bonuses, no raises, and force the CEOs to take a 50% cut in salary for the next 3 years, then regulate how much they can make in the future, otherwise no deal.

It is time to end the practice of exzuberant salaries for CEOs. These overpaid people born with a silver-spoon in their mouths are fleecing America. I’m quite aware that no one will listen to my ideas, because they make too much sense. There are too many Americans who feel helpless, hopeless, or smart enough to challenge the way wallstreet operates, so let the economic lunacy continue.

Hey Jack i Know that this auto bailout will not work because 1 WE are Broke! 2 Gas prices keep changing And 3 Because the Auto Exs Are greedy. if Anyone should get a bailout its should be us the hardworking US taxpaying Citizen am i right? Let me Explain Why!! If i was to get A (stimulus) package i buy a new car pay off my House pay my debt also the simple stuff i buy would circulate around the System and also pay taxes if we would have got a bail out instead of those greedy investment banks etc we would have saved alot! let me explain if i would have got a bailout we could of put our money in the banks and do this the right way instaed of making the rich richer and the poor just get poor and mad thats why Crime is So high We have No money but if we would have got a bailout companies would have still profited because we would have spent our money on there product dosent that make sense? Well i hope you guys read my Blog And set an example for these stupid congress people etc thanks Jack!!! By the way Cnn is My favorite News station!!!

Let the chips fall where they may so our country will wake up and tell Congress to stop allowing our good manufacturing jobs be shipped over seas. Let them fail if that is what is needed. Over 60% of our country believes that they shoud fail and then maybe we’d get rid of the unions.

No amount of regulation is going to stop the big three from messing up even if they receive these loans. But you can take it to the bank (no wait, I guess you can’t) that if the big three do file bankruptcy, then Michigan will become a ghost state. Just tell the last person out to forget locking the door.

Let them restructure under our bankrupcy laws and if they can’t make it then, then let them fail. There will be others to take their place. Our economy will survive, but they may not.

The right answer is to let them fail just as they would and have let me fail. They are the one who subscribe to the “free market system” which turned out to be free only for them and even with all the breaks and protection they get from government (read the us taxpayer) they are still a bunch of losers. When is it my turn.

I like to see UAW surrender atleast 5% of its attrocious Retirement Trust fund of $ 100 billion for bailing out the employer they work for. This is the least the employees of Auto Industry can do to save the employers.

Jack I think the “bailout” must be in the form of a loan and it must be co-signed by the UAW. It should be spread out over some period of time with each installment dependent on the industry meeting certain criteria and conditions to continue receiving money. The union must agree that the taxpayers are not responsible for the automakers huge legacy costs as we were not part of those past negotiations. Finally congress must be realistic. If the economy is so bad and the cars are so expensive that the industry can’t sell enough of them then the bailout is folly and congress must turn their attention to healing the aftermath of the demise of one or more of these companies.

How about putting some restrictions on the use of the funds and force these companies (whichever ones are bailed out) to operate on a balanced budget. I don’t want to hear that the CEOs agreed to $1 salary — was that permanently (I rather doubt it). They will find some loophole as they always do to give themselves either stocks, bonuses, retirement packages, etc. If I don’t do a good job, I not only don’t get a bonus or a retirement package, but I get the boot out the door without any warning. No bailout without strict restrictions.

To support a thriving and progressive automibile industry is simply the right thing to do. But how do we make the auto execs understand the right thing to do? The shameless greed of our corporate leadership is what puts the nasty spin on all of this. Americans are a generous, decent lot who really like helping out other Americans, but it’s in our nature (since the 1770s) to raise our hackles at fattened aristocrats who exploit our labors.

From a purely business viewpoint the right answer is bankrupcy. Unfortunately, due largely to the mess our economy is in, we cannot really consider this option unless we are prepared to accept disasterous consequences. So the only option left open is a bailout, unless we want to see if we can create a bigger depression than the one in the 30’s.

It’s tempting to say that the automakers should lie in the bed they made, but Congress forked over tons of cash to the financial sector with very little pressure to reform. If we bail them out, why shouldn’t we bail out some of the very biggest employers in our country?

Jack, this is one of the toughest questions you have ever asked. There are so many considerations, such as, free enterprise, existing union contracts, job losses, additional requests on a quarterly basis due to there being a recession, and the enevitable recriminations if there is a bad outcome. My best guess here is to help and hope, protecting the taxpayers with first debs on assets should they fail.

Give them a loan. Make them pay it back. Have some oversight. We can’t let them fail.

Sure bail them out. But, they must start making cars that get 50-60 miles a gallon. They technology is there, it used in other countries. O

Concerning the Big Three, up to recently I was for a bailout — with clearly drawn-out conditions — in order to prevent the domino effect to our economy of losing them. The first fly in that ointment was the “corporate jet caper:” if I was more worried than the execs, perhaps that should have told me something.

Now I find that they are contemplating massive lay-offs by shutting down a substantial part of their operations. I hear nothing about new, fuel-efficient, green product lines that will actually help the country and help the earth.

It sounds like more of the same: give us some money so we can pad our own bank accounts during these hard times. As for the workers who created our wealth, we have no new jobs to offer them building more competitive products — they’re on their own.

This week I say to forget the bailout: the only people who will gain by it are the executives and the big investors who have been far too comfortable all along. They don’t care about the workers, the economy, or the country. To hell with ‘em.

No bail out! Do not reward failure! No banks, no automakers, no one!

I think that the lemonade in this lemon is if the car companies can commit and deliver on the world’s next-generation of personal transportation. This will take resolve, and maybe some bridge money. McCain had it right — when manufacturing jobs disappear in the US, they never, never will return. We can either let the Big 3 fail and go through 10 years’ of industrial realignment /unemployment, or try to leap-frog the world in the next 2 years and be exporting as much green technology as we are importing black gold.

LET THEM FAIL. From the ashes a better company will arise and serve the needs of America better than throwing billions toward the existing failed greed of the failed business.

NO way so they fail it will open the way for real change that is needed for a product that these auto industries have failed to face. washington state

Possibly we should look at the corporate culture in general as yesterday it was banking, today it is auto, tomorrow it will be electric and gas utilities and a host of other corporation based enterprises.

Since Machiavelli there has been the concept of patriarchal leadership. What this does is prohibit imagination, creativity, and denies all human emotion except fear.

We not only must come together as a global community, but first we must unite as individuals wherever we come to pass. It is the functional steps, not dysfunctional, of independence, interdependence, and finally integration that will begin to repair this tattered society and affect all that we do.

Hi Jack,

We need the auto industry, but we don’t need the greed from everyone involved. The workers need to downsize their expectations as well as the CEO’s. Screwing in one bolt on an assembly line isn’t worth the $70 an hour that the workers receive. The company needs to be realistic about salaries. I’ll bet if they advertised jobs at $15 dollars an hour, they would have thousands of applicants. Being frugal is the way to save the industry.

I just finished contacting my Senators and Repersentative to urge them to vote against this bill. I’m tired of the wealthy getting bailed out while the average American gets something else. I feel sorry for the workers that will be hurt but these people need to deal with many issues within their companies. Employees and management need to work together for a change and not against each other. The big three have had decades to develope need technological innovations but opted not to do so. The executives acted in self interest and the taxpayer shouldn’t be forced to bail them out.

Give them money to build the next generation of transportation. If they use the money for anything else, they spend their lives in jail. Giving the auto industry a future makes more sense than maintaining the present.

Jack,
In a truly capitalistic society, no business will survive forever. As a business becomes outdated or obselete, it either evolves or is replaced by something more efficient. Either evolve to survive in the new economy or disappear into the history books. Or, in layman’s terms, “It’s the economy, stupid!!”

Erik
McDonough, GA

No matter how painful it might be, the auto industry needs the financial help they are requesting. If they don’t get it, the consequences will be catastrophic with so many peripheral businesses being affected. At the same time, the auto industry needs to clean up its act by becoming less wasteful, by phasing out the retirement expenses they are carrying, by negotiating union contracts with more reasonable pay scales, by developing fuel efficent cars, and by weaning the American public off their desire for gas guzzling SUVs.

Weren’t some of the same companies bailed out before? If they get bailed out, maybe it would be smarter to take a hint from the importers that are taking over the market, instead of looking at short term profits.

The right answer is both the auto companies and the UAW have to jointly take out the loan and be equally responsible for turning the companies around. If the companies go under, the union is worthless and it needs to step up to the plate and work to get past this hard time. Also, no bonus’ for anyone until there is a profit and no salaries bigger then the US President’s. The party is over.

Jack,
The right answer? Who knows, but bailing them out is not the answer to our economic woes. Logic dictates that a person making $72 per hour can’t sell his merchandise to the poor schmuck earning $20 per hour. Let’s do the math and force the workers and companies to be more economically responsible! If they can’t; well then start driving Toyotas.

I believe the companies should be bailed out so that the innocent workers won’t suffer. Something they had no part in creating. But once they are helped, must abide by all rules and regulations. I think it will work because they have had the scare of their lives. Jo, Fort Worth, TX

Why would you drop your pay to $1.00, when you will probably still get the same perks,etc.? If I can not do more than this,then what right do I have to ask you to help pull me out of my hole that I dug myself into with my own selfishness, greed and the likes?

If the U.S. government were a car company, it would be deep in the red and have god-awful customer satisfaction ratings. Many of the issues the domestic Big Three are suffering today are the result of current and past federal government policies (they are doing fine outside of the US). If government assistance is given, it is important that the domestic carmakers be allowed to conduct their business based on the dictates of the American consumer, not the politicians.

Tom
Germantown Hills, IL

declare chapter 11 for for chrysler and ford
chapter 7 for gm
1. fire all the execs
2. fire the union
3. get rid of any and all un-neccessary holdings
*sell all the hummers to saudi arabia*
…and start from square one
it’s inflicting pain selectively…hurt some or hurt the entire country…

unfortunately we have two very bad choices, Jack

we can give them the loans, mostly to keep the millions of workers associated with the auto industry employed, and hope they repay sometime in the future like Chrysler did in the early 1980’s OR see a massive spike in unemployment which will probably cost even MORE money in unemployment insurance, food stamps, medicaid and other state or federal social programs.

the old saying about “rocks and hard places” comes to mind.

You can give the big 3 all the money they want, but the middle class still doesn’t have the money to buy the cars. Getting the middle class consumer some help is where the focus should be placed.

Do nothing for the auto companies per se. Let’s make two of them subsidiaries of Toyota and Honda. Let the firm in the worst shape sink and disappear from the horizon. This option permits us to save some of the jobs and the two surviving firms will be efficiently managed and will produce quality autos.

Hire some executives from Japan’s auto industry to straighten out the mess made by execs from the Big Three.

Sale the big 3 to Toyota or Honda or whoever. Make it somebody else’s problem. It appears they do a much better job running these companies than we do. It is a win win situation. We don’t have to bail anyone out and nobody but corrupt Executives will lose there jobs!

Jack, the auto industry is one of our top industry. And there is no question they should not fail. The auto industry is what made this country great they have been here longer than some of us. we now have more than one million people out of work. We don’t need 3 million more.
SAVE THE BIG 3

Troy
Earle, Ar.

If the big 3 offer up a reasonable plan, then make the loan. They should be given this chance.

The right answer is not even being adequately discussed by the media. These companies should be required to have as a large part of their technology update a car that would be comparable to the EV1 that was crushed by GM in 1998. That car had a acid lead battery with a 140 mile range! Now GM is trying to sell us the volt with a 40 miles range . What happened to the other 100 miles GM?. I tell you what happened. Rick Wagoner and others got a hefty under the table boost in their income from big oil!! Don’t let these companies go down! Kick the CEOS’ out , let the government take over, and finally re-release the EV1. Who do these oil cronies think their fooling? Such deplorable selfishness is what is wrong with this country and always has been.

The auto-industry warranty is up and their motor is frozen. I suggest the same courtesy be given them as they would offer you under those same circumstances. Let them fail or survive on their own. Eventually a leaner, innovative, more consumer aware company or companies will surface to fill the need of the times. I note that this is the second time Chrysler has pushed to the front of the trough. You can bet the other two will come snorting back if those hogs get slopped with easy public money….which by the way…. we don’t have.

This is the opportunity to turn the US auto industry around and make them go “green” for the benefit of the country, foreign oil independence and protecting the global climate. All loans given to the auto industry should be rigorously conditioned on developing and making the most fuel-efficient, hybrid and alternative energy vehicles, as well as producing vehicles for mass public transportation. If they don’t accept it, let ‘em die and go on the trash heap of history.

omg, another damned if you do and damned if you don’t conundrum. I don’t envy Barack!

Ray Kinserlow
Lubbock, Texas

Jack,

I think Mitt Romney had the right idea when he suggested a ‘managed bankruptcy.’ The so called Big 3 have become too big and unwieldy to function well in todays market. It’s not that they haven’t been producing vehicles that Americans wanted, it’s that they weren’t able to switch production over in a decent amount of time. They are also hampered by the UAW, who still think a job for life is a guarantee in the world. Let them trim some fat in both white and blue collar jobs. Let them retool to produce vehicles that get higher mileage and emit lower emissions. Let the government up the CAFE standards and create a cylinder tax on any engine above 4 cylinders, so that consumers who still demand performance have to pay more.

When I read polls, etc. where the question is “should we bail out the Big Three” there is always a huge NO.
I think people need to consider the repercussions of letting them die. There is more to it than just the auto industry….just think of all the business that depend on them. If we let them just fade away we’ll see unemployment, failing business, all across the board. It will destroy the US lives as we know it.

The auto industry should be assisted only if the government makes sure that they use this chance to become competitive in the international market aa well as create a product for the future. We need to stop screaming about government “socializing” our financial and business sectors. Who would you rather have take care of us and our economic future-the governent that we have elected to act on our behalf or greedy CEOs?

Apparently GM and Ford are not in as bad financial shape as they say. IT has been reported by NASCAR that the auto makers have committed to continue to provide support to NASCAR. Same for our government who has been sponsoring multiple race teams for the past eight years, one for each branch of our military. I’ve read that the price tag to sponsor a team is 40 million. Our taxpayers should be proud of the prudent use of thier money.

Jack, the right answer is either get with the program or you are out. The big three auto makers either devise a workable plan that will take America into the 21st century or no money. Simple as that. I feel any bail out should be contended on firing the top three executives and bringing in new blood with new and innovative ideas. Also, the union should be willing to give some just to keep their jobs. I guarantee this, if congress does not recieve a workable plan and they still fund this industry, then it’s just a matter of time before they will be either back like AIG asking for more money or just go under. Giving money to these arrogant individuals who for years have had their heads in the sand is like putting a bandaid on the titantic. It’s just a matter of time before they go under.

The fact is every country in the world subsidizes industries including the U.S. so if you aren’t going to help out an industry that would throw 3-4 million people out of work then they should also insist on all the other subsidies like farm aid et al.

Jack this is a very tricky situation. The 3 major automakers can edit their budgets to save some money but that would not cover all their expenses. If they cut union workers pay and benefits that will send a ripple through this country that all companies can cut union pay and benefits. this would be the death of labor unions since the unemployment rate is going up by the hundreds of thousands every month these companies can find people to employ for cheaper if the unions refuse to work in those conditions. We do need to set an example that taxpayers will not pay for mistakes made by appointed officials. These officials and CEO’s are supposed to be able to be trusted and they are supposed to be educated to not make these mistakes. The government is losing the trust of it’s own people every day by taking tax payers money for one thing and then spending it on something totally different. We do need to give the automakers some money but not as much as they are asking for. This money needs to be given to them in the form of a loan and there needs to be interest on this loan so that taxpayers can be able to make their money back plus more.

The right answer is to let them correct their wrong answers. When things were going good, I don’t recall them giving money back to the government and taxpayers. They, just like the government, have been reactive instead of proactive. They have been making mistakes for years and now will have to pay the piper. The industry needs to bottom so we can start with fresh people and fresh ideas.

Wildwood Crest, NJ

Hello Jack,

My suggestion for the auto industry is for all three, Ford, GM and Chrysler, to merge into one auto industry. They can produce small, gas efficient cars up to large trucks-and be competitive with foreign auto makers. Why does America need all three-competing with each other. Get the automobile industry’s “act together” and compete against inports with a great range of vehicles at great prices for the US consumer. Otherwise, all three are “goners’ in this economy-and well deserve to fold!

Let’s see. If the government were to give all the people who file with the IRS the money they have lavished on the bailout recipients we could then inturn pay our bills, buy groceries, repair our cars, and jump start the economy.

I read somewhere this morning that it would be cheaper for the government to buy out big auto’s stock than it is to give them what they “need.” Let’s socialize it, clean it up, and keep Americans working, why don’t we.

People are giving these guys way too much credit when they say they are poor managers. They are purposeful deceivers. This should be painfully obvious after they crushed the EV1 in 98. Why should anyone trust them now? Let these companies go bankrupt. Although, I know it will never happen because Congress and the Senate are also in the back pockets of big oil. Wake up America and smell the carbon emissions!

Let them go to the oil companies for money - after all they are co-dependents and co-defendents in this economy…

1. Give them the LOAN but make them build hybrid or alternative fuel vehicles.
2. Give the best two American companies a contract for the federal fleet and then give taxpayers tax credits for buying these new vehicles.

If the cars don’t get brought - all of this is for naught and we might as well throw our money don’t the drain.

Auto makers must stop produceing gas guzzeling junk go green and produce more jobs so people can buy cars again. ” Simple “

Jack,

The auto industry seems to be playing a game of bluff with the congress and the american people. Chrysler is the worst - no real plan, and a threat from on of the executives to throw the country into a “Depression” unless they get a handout. This is a privately held company, for heaven’s sake! They aren’t listed on the stock market, and the only people who will be depressed are the fat cat money mamagers who will see their investment go up in smoke when the Chrysler goes under.

The US economy has abandoned or outsourced electronics, computer manufacture, programming, steel. With the subprime debacle our preeminence in finance is in jeopardy. We cannot sustain anything close to our standard of living just by selling each other fast-food burgers and junk bonds. We need to sustain the auto industry as much as we needed to sustain financial markets. The consequence of failure of this industry will be just as dire to the credit market as the failure of Lehman Brothers. Millions of additional unemployed workers from these companies, their suppliers and corollary workers will cost tax payers even more in already strained unemployment benefits, with no possibility of those funds every being repaid.

The auto industry is not asking for a bailout — its asking for loans- you know- those things where you use the money for a while and then pay it back– with interest. Its a business transaction- and now that there is actually some answer to the question as to what will be done with the money (something any lender would want to know) I think its appropriate to approve the loans.

It is wrong to blame the union workers. Any one with any sense wants a good paying job with benefits. That used to be the norm to get a job with benefits. Now you are expected to pay full price on everything. I don’t think there is a simple plan. America is sinking to what China used to be.

Take them over like the government did with ConRail,get rid of the corrupt,incompetent management and let the rank and file run GM,Ford and Chrysler. I guarantee you they will do a much better job.

Why Should they get help,they don’t seem to care about their customers when they are having problems. It does not bother them to repo vehicles. The People are the ones who need the help.

Jack,
I really don’t see why we should bail them out. The way the economy is right now, most normal people would have to be crazy to try to borrow money to buy a new car, So if they get the bailout to stay in business, who is goin to buy their product?
kathy

Hydrogen powered vehicles. They can also build the fuel processing plants, and for that matter the filling stations too. You know our so called energy company’s won’t do it. Clean and powerful, Obama green. And I’m talking about the money that can be made.

Romney is right. The answer is Bankruptcy court. The UAW is going to have to give more concessions than they are willing to now. If we bail them out than the union keeps their contract and we all have to pay for it. It’s a bad deal for the tax payers.

1. Give them a loan, with strict restrictions.

2. Fire all their CEOs & CFOs. Hire new ones.

3. Insist they built quality fuel efficient vehicles.

4. Freeze wages, and no bonuses or golden parachutes.

5. They must pay back the loan with interest.

Jack - I will be surprised if you print this one….

They should file chapter 11, simple…….and go through what other Businesses do, is to restructure / downsize, & etc…..If other’s have done it, then they can do the same….

There are way too many vehicles that are rolling off the production lines right now, as we speak, in several states in the SOUTH……and the workers are getting around 20 bucks an hour, NOT what GM employees are currently making …. ( + benefits)

Larry
Houston Texas

Chrysler was already bailed out once and they gave the company and the bail out money to the Germans, did all ya’all miss that one ??

They are just going to give the money to the unions anyway and with dems taking over the entire government, why not the bailout, it will grarentee their relection.

I think the workers should be able to stay, but get rid of the CEO’S. The workers do not make $72 dollars an hour!!! Someone is adding on the insurance and retirement. As a UAW worker, they deserve what they earn. Who would do the job cheaper and not send the money to Mexico etc.? We better keep our own country going and keep these people working. NO PAY, NO TAX MONEY!!

There are a number of “answers” but there is only one right answer and that is to let capitalism work. These failing businesses have to either turn a profit or be taken over by other enties that can. In some cases, a managed bankruptcy would be the best, and possibly only, solution. The worst answer would be for the auto companies to continue to function by the taxpayers subsidizing their losses. That game can only be played for so long. It is not a long-term solution.

Jack, it seems like the congress is actually getting it right this time: Helping out the auto industry, as every other industiral country has done with their automakers, while requiring a recreating of the industry to ensure responsible success in the 21st century.

The big three need to convince Congress that they will give big parties, bonuses to CEO’s, and ask for more in the near future and Congress will give them what they want on a silver platter hand delivered on their corporate jets.
Why should Wall Street be the only ones getting all the money and perks? Its the republican version of share the wealth. Give tax dollars from the lower income and middle income taxpayers to the rich with no strings attached or the world will self-destruct in five seconds.

I believe in the next stimulas package, they should give auto vouchers for a substantial discount when purchasing a new vehicle. This would assure the money goes to help stimulate the economy and help out the struggling big three.

A few steps would be necessary:
1) All employee compensation above $200K would be entirely in their company stock that must be held for 12 months.
2) employees must pay for 30% of their benefit packages (that will help in excessive demands)
3) Across the board 10% salary cuts
4) Tie employee salary adjustments in the future to profitiblity instead of strike threats.
5) Make their retirement compensation similar to their competitors.
6) Dramatic increases in the required fleet mileage standards.
This would give everyone in the company an incentive to make the company profitable.
If they agreed to these types of requirement I’d be in favor of a loan package, although it isn’t up to me.

What I don’t understand is WHY there is a question of helping! Of course they should be helped. Look at how many million people will be forced out of the work force. Think the banks are going to give them any of the money we turned over without blinking!!!! Shame on the government if they choose to turn their backs on the working people. I have no problem with accountability, but frankly the people who are yelling the loudest are the ones who demanded the big SUV’s. And these people have the McCain-Palin signs on their cars!

Keep America working–buy American and let’s restore credibility to the working man and woman!
Knoxville, TN

What the car industries need are some fresh ideas for car designs that are geared toward saving money for the consumer. Here is an idea that I’ve had ever since someone crashed into the back of my 1980s Toyota, & miraculously caused no damage (at least not to my car). The big, thick black rubber was the saviour. So, why not
put a bumper like that one ALL AROUND the car - like the “bumper cars” at amusement parks? No more fancy fenders, but no “fender benders” either. A recession is a time to be practical. Let’s stop building cars that are ridiculously expensive to repair. We’d all save money on reduced insurance rates.

The right answer is probably the direct opposite of whatever the 3 stooges of the auto industry claim they need.

Ralph- Corpus Christi, Texas

Jack, the right answer might be to ask the automakers to see what they can do on their own to make their individual companies viable without asking for bailout money unless absolutely necessary. It would require a creative plan for each of them and would put to good use all the clever talents of their current staff. Some form of auto industry geared for Americans is vital to the economy. Now is the time for them to provide this positive step and show us what they can do.

Limited loans with verifiable conditions of use to retool production.
Market forces.

Why the furor? Thousands of jobs are at stake here. At least they have a business plan, and have indicated a desire to do what is right for the country. No more private jets, or golden parachutes. That is more than I can say for the greedy u-know-whats on Wall street. Granted, how they got into this position in the first place should be looked at carefully, and the loans should come with some very short strings attached.

The auto industry should take a good long look at it’s past. Once they were on top of the world, then the japanese auto makers over took them. They should ask themselves now “What did they do to beat us?” If they figure out that really good cars with really good gas milage which are well built and last are the kind of cars people here in America like to buy, then maybe try to make cars like that.

General Motors, Ford, and Chrysler should be forced into structured bankruptcies with the Federal Government providing financing to the companies as debtors-in-possession. During the reorganization, business operations would go on and suppliers could continue to be paid. As approved by the bankruptcy judge, they could revise union agreements, reduce retirement benefits, cleanup their dealer networks, and otherwise reduce costs as necessary to become profitable at low sales volumes. And the captains should go down with their ships.

Bailing out the big three auto makers would be a classic case of throwing good money after bad. If we want to do something to maintain automobile production in the USA why not give the $34 billion to the winners rather than the losers? An investment in Honda, Toyota, and Nissan, with the stipulation that they invest in USA design and production, would be a much more effective use of our money. Has anyone in Washington even thought of that? I haven’t heard anyone else raise this idea.

….and what is the deal with “Bankruptcy is not an option”? The auto makers keep saying that. Is this actually a veiled threat that if we don’t give them the money they will just go out of business? How dare they make threats? This is another example of the arrogance that has “bankrupted” them in the first place.

It’s time they go.

Jack,

The right answer is to merge all 3 companies into one Giant Company supported by the US Government. Call it USA Automotive and keep GM, Ford and Chrysler as the brand names. Retrain the layed off workers by creating a jobs program that deals with Energy and the Environment. There should be a trade off. Fire the CEO’s and elect proven leaders to re-engineer the industry. Get Jack Welch out of retirement and have him run it.

Many of our industrial competitors support thier industries. They in turn compeate with us the US. If we admit we live in a world economy and it is ok to keep compittion is ok. Then we either admit the US auto industry cannot compete unless we do two things.
One we lower our standards of living . This will make us competive. The last administration done a good job of this . If we learn to live like a third world country and accept wages that is equlevent to what our copetitors are we should be a able to competate .
Two understand we live in a global economy . Understand that some jobs will be lost but investing in our auto industry is right. Manufacturing has to understand the new reality that they are not the dominate players .
We as consurmers needs to be educated about the choices in our purchases.

Let the Auto industry lower prices and have the consumers bail them out.Go back to the K-cars,roll up windows,manual mirrors, give them a map instead of GPS,build a good cheap car that buyers can afford.

Hey, the’re are other auto manufactures out there. We can lose 3.

It’s a world wide bige three problem, the world should step up and help out as well as the USA.

Fire all CEOs since they have proven they cannot competantly run a company. Hire competant CEOs who make no more than the president of the USA with no perks or bonuses as well as decrease the number of executives. Stop terminating the ordinary workers. Stop outsourcing our jobs. All employees receive the same benefits. the taxpayer should not bear the bill for the incompetance of the current CEOs but you and I know congress will give away all the money everyone with an open hand wants except to the middle class who needs the help the most!!!

I don’t think the USA can afford to lose any more jobs…..if we don’t bail them out…..the job loss will be horrific.

The CEO’s walk away fine…..heck, they will get a big payout on the way out. But the workers who devoted their lives….sometimes generations in the same family, to their jobs…..will be devastated.

Can the American workers take any more devastation?

If we can bail out Freddie and Fannie, Citibank and AIG, etc,etc…..why can’t we bail out the auto industry and save “Joe the automaker’s” job?

If we`re going to own it, it should work for us, like our government is supose to. We all have to change our idea of what we think we need. I think we will do just fine without Hummers, SUV`s, and the like. These guy`s have been our enemy. Teaming up with big oil to destory the electric car, and other advancements. Hopefully captalisam as we know it is on the way out. The auto industry should be more like a utility, providing what we need.

Why not have the government just buy them out? Uncle Sam couldn’t run the industry into the ground any worse than these corporate elite have and he might even be able to turn a profit. Maybe we Americans could vote for the kind of cars we want Uncle Sam to produce. With the Obama “change” movement in full swing, I’ll bet Uncle Sam’s hearing is getting a lot better than it was with Bush and the Republicans in charge.

Bailout the auto makers…no! Just this week they began discussions about cost-cutting, downsizing and renewed emphasis on higher-mileage cars; now that their future hinges on a bid to win support for a federal bailout. Until now they focused on making profit and not looking to the future. When was the last time you saw a commercial for the Ford Escape Hybrid? All I’ve seen is a Hummer trotting around the globe. Their inability to take responsibility for their contribution to the economic downturn is ludicrous and should not be awarded with bailout dollars.

They should call Wal-Mart for advice on sustainability and cost cutting!

Amy
Bentonville, Arkansas

Now that they have made their list and the US goverment will bail them out. Before they sign on the dotted line, they and Congress each need to be asigned a mission or soup kitchen to work at during the next years Holidays and pay for the cost of running the program. I believe Obama is asking us to give back to our country and our people are in trouble thanks to them. This pay back to your country should begin with the rich.

Jack,
Well i believe the right answer should have been no. They look like beggers with choice. You are coming to beg for money and choose to come in three private jet. If it were up to me, i will so no and tell them to come back in year. That way i will see which of the three CEO comes in a private jet.

Wichita,KS

Let them fail. We’re all too fat anyhow. Nike stocks will soar.

Get concessions and make the loans. We do not want to be left out of the transportaion industry of the future. Put a national health insurance plan in place to relieve all businesses large and small. That would take a big bite out of their employee and retiree costs. Don’t try to figure out if they deserve it. They don;t. But we will only hurt ourselves if we let them fail.

Hi Jack,

Why can’t the Exxon-Mobile with their huge profits, buy out the three auto giants. this way one feeds the other and also an American company is buying out another American companies, ONE BIG AMERICAN FAMILY.

Chris Kambhampati

The answer is a resounding “NO BAILOUT”! What would happen if all 3 disappeared? We’d have Honda, Toyota, Subaru, Kia, … and not a single HUMMER. Now this is what I call CHANGE!!!

Easy! Exxon reported over 2 Billion dollar profit in one quarter early this year. Send those 3 CEO’s aka automakers to Exxon for a loan.

Ana
Attleboro, MA

Let’s be careful what we do now in terms of aiding the auto industry. Once thing pick up again we could be sorry we didn’t extend some help to a critical industry. In the case of the present industry less, would be a lot better than more. Lean and mean is the name of the game. But if we miss the train another one might not come along.

I believe the right answer to the auto dilemma is to refuse to give them the government assistance they are begging for and let them get that help through private sources. Maybe Big Oil would loan them the money because, after all, without autos there is not much need for gasoline or other oil products. Maybe the major automakers should slim down and reduce the price of new cars so they are more affordable for the average American buyer.
Brownwood, Texas

-Drop unprofitable brands
-Sell a brand or two (like Volvo) to raise nmore capital
-Increase MPG standards by 25% in three years
-Stop obscene executive payouts
-Start new divisions of these companies focusing on GREE