Should the Govt. bail out the auto industry?
Click the play button to see what Jack and our viewers had to say.
FROM CNN's Jack Cafferty:
President-elect Barack Obama rallied the support of the hard-up U.S. auto industry during his campaign and promised a summit with the heads of Ford, GM, Chrysler and the United Auto Workers union soon after he takes office in January.
But that meeting might not come soon enough.
Last month saw the weakest pace of U.S. auto sales in 25 years. Chrysler's sales were down 35 percent and Ford's sales down 30 percent. General Motors sales plunged 45 percent. GM is expected to release some disheartening financials tomorrow as well.
Watch: Cafferty: Auto bailout?
House speaker Nancy Pelosi is meeting with the heads of all three auto makers and the UAW today to discuss the possibility of a second $25 billion loan to the companies.
The auto industry hopes that Congress will include that loan and other aid in a new economic stimulus plan. But there's no guarantee when or if that will happen.
Detroit's shedding jobs like they're going out of style. Michigan Governor Jennifer Granholm issued a plea today to Democratic leaders of Congress: Help us.
Here’s my question to you: Should the federal government come to the aid of the U.S. auto industry?
Interested to know which ones made it on air?
Thom from Negaunne, Michigan writes:
It is imperative that this industry not go under. A good start would be supporting the merger of GM and Chrysler. At least the government would not be rewarding an industry of crooks as it did in the case of the banking farce and greedy CEO's. However, the stipulation that jobs be returned to the U.S. and no more shipped out of the country must be attached to any bail-out along with any new plants must be built at home.
Teeps writes:
Yes, if the auto industry doesn't get help, it will put thousands and thousands of people out of work. It's called a trickle down effect: from the auto plant to the part suppliers. The banks aren't the only ones that need help. People should think about buying American cars. Keep the wealth in our own country.
Gene writes:
No. Why throw good money after bad? Again why should the U.S. taxpayers pay for mistakes made over the years by executives at the big three auto companies? If they can't compete they should, and probably will, go out of business.
Mel from Georgia writes:
Yes. My husband works for Mopar, the parts division of Chrysler. The UAW community and our families are desperate. Hours have been reduced greatly, paychecks have decreased, and fears of lay-offs and plant closings loom everyday. A rescue package focused on making our autos more "green" will help with job creation and retention, reduce oil dependence and improve the environment.
Marva from Oklahoma writes:
In a word, "No!" The auto industry has only itself to blame for its refusal to manufacture quality, economy-efficient cars. It chose to go along for the ride with Big Oil and it must now hang on like everyone else. Isn't it odd that Corporate America believes itself entitled to relief via the taxes paid by Middle-class America, yet Middle-class America reaps none of the benefits!
Marco writes:
Yes, yes, yes. Maybe they don’t deserve it, but let’s face it: the auto industry is an engine of the economy. We need the jobs.
@jackcafferty on Twitter
I think that they should or that will be so many more people that will be jobless. Shoot thy have bailed out just about everyone else why not.
yes definitely. The ailing auto industry should be bailed out in order to reduce the number of job cuts.
Absolutely not! I have spent 27 years in the Car business and they waist more money of friveless things. I am telling you they should not be bailed out ever.
Absolutely YES!
Throughout the 50's, 60's and 70's the autoworkers were the american dream. Good jobs with good pay and good benefits.
But the bailout doesn't have to be in cash...try opening fair trade with Korea, China, India...and make Japan have more than assembly plants in America. Re-instate the auto pact....if you sell it here then you have to build it here.
Yes, if there is no other alternatives, last thing we need in this country is more job losses..hate to see another bread winner unable to provide for their family
No–The industry resisted mileage improvements and alternative fuels/engines for decades. Their place will be taken by Asian firms that will build cars in the US with US workers (e.g., Toyota) that will sell better here than what the Motown geniuses design.
Hi Jack:
NO!!! After all these years of having to get a mortgage to buy a car..
NO!!!! They have money hidden someplace. They auto maker are NOT BROKE!! If they are, they did it to themselves and deserve to drown..
Ron San Diego
Guess I think they should. Their problems are due to the economic crisis whereas the fianancial institutions were due to greed and
mismanagement.
I do not know how we can bail out the crooks and not bail out
the victims.
But, there must be control of CEO's pay and bonuses, for
anyone we taxpayers foot the bill for. Have not yet seen this
happen in the banking industry. And, why not??
Sure they should and the next one is steel industries. However I’m wondering when they will bail me out?
Snellville, GA
Yes, the auto industry accounts for 100's of 1000's of jobs. It is the backbone of our manufacturing base. We here in Michigan have had a terrible economy for years.The auto supply plant where my son worked for 15 years sent all those jobs off to Mexico. If they can bail out the fat cats on Wall Street why not the people on the line in the auto shops?
I think the federal government ought to give each taxpayer $100,000 and let us "trickle it up" to big business on our own terms. I'm just sayin'.
Good afternoon Jack,
The auto industry is going to need some help, so I would say yes. But this help should come with conditions, such as every car built in the US should get a minimum of 30 MPG by 2010 and half the cars built by a particular car company should have an alternate means of power.
Get rid of the Unions – how can foreign countries build a better built car for less money – and that's counting the import fee?! A guy/gal putting a rivet in a car should not be making $35 an hour.......there will need to be a pay back for the American people who are bailing out yet another uncontrolled corporation….like a half price sale. I looked and a Chevy, a Ford and a Toyota. I came home with a Toyota because I got more luxury for the money, better gas mileage, and a much better price.
Elizabeth in NC
Absolutely. The government should bail out any industry that is struggling. How can any business foresee ups and downs in the market? They are not psychics. They deserve taxpayers money whenever times get tough. C'mon!
I wouldn't call it a bailout. The industry needs funds to retool for the future. The new breed of vehicle is on the horizon, but they need help to obtain the technology and to revamp the plants to manufacture the cars of the future.
NO, When is all this bailout garbage going to end? How much more money do they want from us taxpayers. I've lost thousands of dollars from my retirement fund and no time to get it back before retirement. WHO is going to bail ME out??!! you start giving bailouts to more and more, there will be more lining up with their hands out.
Only if the top executives of the auto industry waive their golden parachutes and take a pay cut so that their salaries do not exceed $500,000
Jack,
Yes, IF the US auto industry will commit to innovative alternative energy vehicles. I see no reason why US automakers can't dominate world markets with low-cost, high-quality electric, bio-fuel, steam, moonshine, or whatever cars that will get us safely from point A to point B without polluting. Let's take the long view. Somebody's going to do it, why not good old US of A automobile engineers?
Jim
Reno, Nevada
I think that our government should extend similar help to Detroit as Japan does to their auto companies, at the very least. Any help should come with a heavy incentive to regain the technology edge, especially concerning green technology. We desperately need to increase good paying manufacturing jobs in America. Somewhere along the way, we forgot about Henry Ford and his idea that it is GOOD for business to pay a living wage so that the employees can buy your product. Part of our economic woes are due to trading millions of $15 dollar and hour manufacturing jobs for non-living wage Wal-Mart jobs.
From a pure monetary standpoint, I would suggest that the U.S. Government should lend money to the auto industry provided there are several agreements, including the rush research to develop the practical electric vehicle to fit charging infrastructure, a guarantee against fat cat bonuses and golden parachutes, and an iron clad guarantee that car makers won't start making Pintos, Gremlins and Vegas again, such as Chrystler did with those junky K-cars in the Iococca days when goverment bailed him out with a fat taxpayer backed loan...which he paid off by the way. (and look where THAT went for Chrysler).
Absolutely not. How is bailing out Detroit going to make our auto industry competitive? How will giving Ford and GM money create a demand for their cars. It's time they make a product consumers want, or go out of business.
No, force them to either develope a product that sells or let them die. We can't call ourselves a free market society if we keep running to big brother every time we make crap that doesn't sell. Unless you want to call it like it is, Socialism. To bail out a bank or finance company to make amends for an administrations incompetance is one thing, but to bail out a company for making a crappy product that didn't sell is more Russian than North American.
The government could assist the auto industry but not necessarily through financing. Currently the free trade agreement is going to allow China to ship trucks to Mexico and then use NAFTA to sell them cheaper in both the U.S. and Canada. They could stop this right now with what Obama stated was some alteration to the current agreement.
Bailout; no. Loan; yes. American brands only and make sure they get a payment book. If they are 90 days late, we repo the company.
No auto bailout please. The government is
out of money. They will just have to be replaced by Honda or Toyota, too bad . Did the
government bail out Oldsmobile, Studebaker,
Packard, etc., etc. ??
We need to let the free markets function.
I do not have a problem in assisting the big three auto makers as long as they are challenged to begin a conversion to NGL powered automobiles. Our county has a great supply of natural gas and using this energy would improve mileage, be cleaner and reduce our need to import foreign oil.
yes but make them fix our energy problem with it
Jack: NO MORE BAIL OUTS. The auto industry has no one to blame other than themselves. It is sad and pathetic that the individuals who assemble the vehicles are going to be the one to pay the price for greed over principle. The auto industry saw this coming and instead of adapting and modifying how they make vehicles, they choose to continue to grab every dollar that they could. It is the price they are going to have to pay for the choices that they made. I'm not even sure that the 700 billion dollar bailout is even working. The banks were given the money......but they are not lending according to Donald Trump...but rather balancing their books.
Yikes! another bailout! Where is all this money coming from? The auto industry could get competitive by producing the cars we need, electric,hybrid,60MPG+. Whats going to happen when the 900 billion dollar personal credit industry collapses? Another bailout?
I'll support the auto industry in only one way: TARIFFS. Slap a tax on the incoming automobiles from out of country with the same tax that our automobiles get taxed whenever being sold overseas.
Come to think about it, slap one on EVERYTHING that comes into this country that comes from overseas, most of which is no doubt from China.
I say no (I am no economist). When will the bail outs end? Should we just continue to make product when there is no market for it? I know jobs are at stake, but if automakers and other organizations are not willing to take less of a profit to offset salary and overhead–they are creating the problem and they should be held accountable.
Unfortunately, yes the government needs to bailout the auto industry and we can no longer afford to be so obtuse about it. Call it what you will, but eventually all governments socialize losses in order to overcome economic crisis. Chrysler, Ford, and GM are three of the biggest employers in America, jobs which we cannot afford to lose. Furthermore, the bankruptcy of the US auto industry would do detrimental harm to global markets worldwide and I think it would be a starting point for another global Depression.
Yes. But they should get an industry that creates vehicles which help us break our dependence on oil in general and especially on foreign oil.
If the bailing out is to insure a transition to greener technology for cars and trucks and insure they are made in the US and insure it is a loan not a give a way, yes I am for it. Too many manufacturers invested in foreign countries for assembling and to insure cheaper labor. Bring back those jobs and be eligible.
Yes, I'm afraid so. The auto industry is a victim of it's own technological short-sightedness and endemic union excesses. (A perfect marriage).
Unfortunately, there would be a lot of people hurt if something is not done. Having said this, there should be some stipulations that the auto industry should use a lot of the proceeds to jump-start competative alternative energy vehicles, including fostering R&D within their own companies or in their sphere of suppliers.
How about leveling the playing field? Most of the world's auto workers are provided health care by their governments, making it nearly impossible for U. S. auto workers to compete. Medicare for all!!!
Ed Reed
Port Aransas, TX
I'd have to say no on this. The government have done way too much bailing out in the past. I'd agree with granting them a loan, but not flat out give them a free pass. If that's the case, then the government needs to be bailing out many of Americans that has seen their ship sunk.
I think you have to look really closely at whether the investment is worthwhile or not. Are these companies going to be continually viable after a bailout? Are they prepared to produce more fuel efficient cars? Are they prepared to invest in fuel diversity instead of just petrol? Are they restricting pay and 'golden parachutes' for executives?
If the answer to questions like these is 'no' then I don't really see the point.
Sure, and while we're at it, let the American taxpayers bail out consumer credit, student loans, and come to think of it, my cable bill is kinda high lately, so let's bail them out before they get into trouble . . . Who are the American taxpayers, parents of spoiled kids who can't control their own finances? I don't think so.
Barb
Caro, Michigan
You always want to blame the Republicans for less regulations, well tell americans the truth, Bush went twice to the Bank and Finance commision to get more regulations on Fannie and freddie but Barney Frank and other Democrats resisted. Lets put it in another perspective my liberal friends can't find a way to pay for there over spending and my conservitive ones are putting more money in a savings account. You will not find many Republicans that are spending above there means or using the term affordable housing.
With what? The only money the govt. has is the money that it takes from the taxpayers. In today's financial climate, it would be unfair to continue to reward mismanagement and inefficiency with another bailout. It is ,after all, our money and not the money of the govt. Average Americans that do the right thing every day but still struggle to make ends meet, have no one to bail them out. So what makes the auto industry so special? The same old business as usual attitudes will not work anymore. I think that the auto industry as well as the banking industry should suffer the consequences of their actions. I disagreed with the bank bail-out and I hope there will be no auto industry bail-out. Pres. elect Obama stated that we all are going to have to make sacrifices in order to fix this economy. I hope he means "Big Business" as well when he says we all.
No, please no. King George has left us broke.
Sure, why not make this country even more socialist? I say let the people own everything, but then they should also have a say in the direction of these industries and corporations. For starters, they could demand the end of the huge bonuses to the CEOs.
From Kamloops, BC, Canada
Yes. Loaning money to the auto industry, with a mission to create more fuel-efficient vehicles, is a ready-made opportunity to improve the economy. Immediately, we add jobs, help the environment, and start reducing our dependence on foreign oil.
Bail them out? I hope so...Do it by getting a National Universal Health Care System (like Canada/Finland/Iceland/France/Germany and others) and get the burden of Health Care costs away from individuals and companies. Companies can keep more of their money and employees won't go broke working. This is a win-win for everyone.
I am in favor of retooling the big three as well as funding some of the better small electric car companies as part of the energy deal Jack. That ,as well as Boon pickens energy plan, I dont see as a bailout but an investment that would directly affect the middle class earning potential both short and long term.
Anything else has a blackhole feel to it. Why pay for the cow when the milk is free logic.
Retooling would not only force the big three to extract a profit but also put them in the position to hire people who can build cars with the new technology but also to train and hire people who can service them as well.
Yes. We the people of Kentucky were forced to give hundreds of millions in tax breaks to Toyota to induce them to locate in Georgetown. While the state does benefit from wages earned and state income tax paid, the profits are still going to Japan. If such incentives can be offered to foreign companies, some sort of incentives should be offered to our own American companies. We need to bring our industry and the associated jobs home!
Rick Webb
Louisa, KY
It is a pretty simple choice. Bail out the auto industry or start to prepare for a 1920's syle depression.
Allen
Mountain Home ID
I don't think so. Let them take the monies that was given to the CEO's as
a parachute ,then bail themselves out
Yes, the government should provide assistance. But this time, there should be strings attached - minimum gas-mileage standards to be achieved; more competitive and cost-effective alternative-fuels options; more environmentally-friendly emission standards. The automotive industry is one of the cornorstones of our economy, and it can't be allowed to fail.
Yes, I think they should. Like every other citizen in this country I don't enjoy the thought of footing the bill for all of these bailouts, but as odd as it sounds the car companies have kind of always reminded me of applie pie – you know American!! It must be there history because I know they've been bought out numerous times by overseas investors. I do think along with a bailout should be specific regulation on and agreed upon by the big car companies on creating the cars of the future and President-Elect Obama should begin work immediately on his plan regarding energy. Maybe somehow the (2) can be tied in together.
The only $$ the government should give to automakers is to build clean energy automobiles. On any bailouts there should be ceiling restrictions on CEO's pay. NO BONUSES!
Not necessary a bailout, but loans such as those given to Chrysler in the '80's. That proved successful for that company under the leadership of Iacocca, why not try the same thing with Ford and General Motors. No handouts, just loans with strict conditions on providing alternative fuel and better mileage autos.
If no bailout bill can be offered to the auto industry which is the founding industry in America, it is the industry that moves country and can provided jobs baby jobs.!
I think the government could help, but only by financing the equipment and factory adjustments required to make plug-in or other environmentally superior vehicles and phase out the gas guzzlers.
Then the loans can be paid back once they get up and running and selling the vehicles.
Nope. The last thing we need is for the government to control an industrial powerhouse. Russia tried that 40 years ago, see what happened to them?
The world is slowly falling into a globel recession. We are bankrupt. So a loan would be appropo . Couldn't Obama and team step over Bush & Chaney before they destroy what's left of the world, and start offering their knowledgeable common sense insight into a solution?
I`m not shure about that one, but the good thing is, we will have a president in january i can trust to make an intelligent decision.
Why throw good money into a black hole? The industry has ignored the warning signs for years. They produce high mileage, high quality cars overseas but have not seen fit to offer the products, or to sell the benefits of those products to the American consumer. I say let them eat rust. Save the money for the unemployment benefits for the workers who will need to be retrained for industries that see the changing marketplace and adjust accordingly.
Jack: The Government bailed out Chrysler a few years ago; therefore, the government can bail out Ford and GM. Why not bail out an industry that has spread the American brand around the world. Better to bail out auto workers than bankers I say.
John
Alabama
It really depends on how it's done. We certainly shouldn't let them consolidate any more, in fact just like banks they should be encouraged to split into smaller units. With all these companies being "too big to fail" having them grow bigger isn't the answer.
Providing temporary funding can then be acceptable provided it's in exchange for positive actions on their part. Reduction in executive pay, increase in fuel economy, and an increase in labor jobs in the US.
No. America should invest in Mass transit
Why not, Jack-
Our wealth has been given to the Iraq war for a few years not. Let's spread the wealth in America.
Bit/Alabama
Jack I think they should bail them out.
Why not?
I think that instead of bailing out the auto makers they should make the playing field more competitive and equal for our country.....then see if the automakers can not be competitive at that time...oh and get rid of the unions (but keep in place the rules that goven the companies to avoid problems) and that should help save both the company and the workers money. All the other auto companies do not have union workers which help keep the cost down.
Help should be based on clear plans for public benefit which includes the government sharing in the profit of their sucess. Executive pay cut to the bone until they demonstrate real accomplishments, where will they go if they don't like it, Korea? That's right, they can live like Americans.
Turn out practical vehicles like it's a war. That's because it is. Further, farther, better, cheaper, always and reliably. If that's hard, the executives can send their resumes to Hyundai or Mitsubishi, see how that works out.
Enough is enough! I say no, they aren't selling products consumers want, and their cars/suv's are grossly overpriced. They dug their own graves, now let them lie in it. They want to dig themselves out, let CEO's give back their bonuses.
Of course. I'd rather they bailed out the auto industry than Wall Street fat cats. No CEO bonuses tho.
Yes, with low interest loans. The fallout of one or more of the automakers failing will resonate across this country in the form of job losses.
Yes, but only if they are required to produce more fuel efficient emmsions cars. If we don't have a planet, no other issue will matter.
Yes, Jack: A contingency rescue. Contingencies are (1) both electic and hydrogen cars/trucks; (2) jobs first, profits second; (3) no stock options or golden parachutes until all federal/state assistance has been paid-back.
Hays, KS
The government needs to find a way to help the consumers. Maybe if the American people could afford to or not be afrad to purchase automobiles, the auto industry would not need any government help. The auto industry needs revenue from sales not government money to produce automobiles that nobody will purchase.
Jack,
Unfortunately anything the federal government does for the auto industry would probably too little, too late. Snowballs going downhill are hard to stop. Put that money where it can do some real good, helping Americans in trouble with their house payments.
Betsy
Yes, but like in any big Company, Jack, our lazy Congress should put together a comprehensive "bailout" assistance plan to outline for their investors (us taxpayers) how all of the 840 billion dollars allocated so far will be spent for car companies and others like the banks. And Pelosi and her do-nothing friends on Capital Hill should consult our new President Elect Obama before committing to anything before Jan. 20, 2009.
Absolutely. They should offer a low interest long term loan which could be profitable to both to the tax payers and the federal government as well as create jobs in the industry. However, there should be a condition that the vehicles built are smaller and more energy efficient. This would fullfill Obama's pledge to go green as well as to create American jobs. If the auto industry fails to agree to these terms, they should receive nothing.
This is another damned of you do and damned if you don't issue. Much of the mess the auto company's are in is of their own making. (I drive a VW diesel that gets 50 + mpg on highway – why couldn't Detroit make that car for me rather than 12 mpg SUV's ?) On the one hand, it's tempting to let them sink. However, there are too many jobs connected to let them fail. It's not just manufacturing autos, it's also about parts, repair shops, accessories, motor sports, many interconnected businesses. Also, certain core industries must be protected for national security. (Who do we want building our tanks – GM or China?) I'd approve of LOANS, that would be paid back with interest much like Chrysler's rescue in the 1970's. No gifts.
Joe in VA
Chatham, VA
I wasn't for bailing out Wall Street. At least the automakers produce actual products. What's another 25 billion among friends anyway?
Yes, Jack, a thousand times yes! The USA just cannot afford to lose such a vital industry, especially while foreign companies are ready to
fill the void.
Sure Why Not. Might as well make sure that we have nothing left in the treasury.
Depends....do I get a free car?
Jack,
There should absolutely not be any bailout of the auto industry. The auto industry's problems are of its own creation (and that of the unions that have bled it dry). Taxpayers who do not want to purchase their overpriced vehicles should not be forced to give them a bailout.
Pliny,
St. Louis, MO
Chrysler was bailed out by our government years ago so what's the difference now? But any bailout should some with strings attached and we should mandate the auto industry to retool and open closed factories. Make vehicles competitive with foreign auto makers, reduce emissions, and increase gas mileage, and offer better 401k plans and better health coverage, and keep more jobs in America. Mahalo. Lu
Exactly what is "capitalism" anyway. The economy is supposed to be the strongest survive, the weakest go in another business. The market is suppose to correct itself, damn the consequences. If ever time the Dow goes down or the auto dealers don't sell gas guzzling hummers, they get bailed out, where's the risk?
Kenneth Chadbourn N.C.
Yes the government should deffinently come to the aid of the us auto industry, The loss of jobs that the government could likely help us to avoid is very important right now in a time when we need jobs more then ever.
Yes, it will not only help with jobs it will be a step in the direction of less dependency on foreign oil – I think they should fine the oil companies for price gouging and use those fines to cover the cost.
For the sake of more jobs, yes. But under a tight microscope.
No because I really don't think the our taxes should pay for this. Its the industries fault that they made bad choices and went down and we shouldn't have to pay for that. I would recommend spending the money on other things that obama has promised to this country.
Rupok,
Jersey City,NJ
Yes, they should provide help to those who provide jobs here, in the great USA. This would be a great way to stimulate the economy. We all knew that it's going to take a great deal of sacrifice to clean up after the Bush Administration.
Jack,
We have to bail the US auto industry, there are to many jobs at stake. If we don't, it will be like throwing the economic engine in reverse, while already in a slowing economy.
Jack, No.. not one dime of the tax-payers hard earn cash. Let them sell their cars at a less cost and raise the money they need.
Jack, The main problem is we are loosing our homes through foreclosures . The 700 billion bail out did not solve the problem and giving the car manufacturers a bail out wont solve anything until the foreclosures are taken care of. If we cannot afford a house how can we afford a car?? No jobs no cash!!! When will the politicains realize this?
Terry , Piscataway,NJ
Yes, but with 'pre-conditions.'
if the auto industry is in such mess, it is the unions fault. they are the cause and they should take the blame.
well jack
if it comes with a promise of making environmental friendly vehicles it would be a sort of help to the industry and it will make them increasingly concious to deliver the goods they promised to see that the automobile industry is not closed forever completely. they should be helped.
NO!!!! The last thing we need is more gas polluting our planet. I say we let the auto industries crumble and let new cars that will help us take over like those smart cars
Absolutely not! They did nothing to prepare a response to public demand for fuel efficient, alternative technology. Japan mfg's did! They just kept making them bigger, as though every American should be driving a max size Hummer, Tundra, of duelly pick-up to the mall or run the kids to ball practice. When watching CNN's excellent piece on Brazil's alternative fuel program, low and behold, those are GM and Ford logos on the back of all those ethanol burners! So, they have the designs, etc., but not the desire or innovation to bring them here. And don't give me that bile-carp about what consumers want. Find the way to make them appealing enough in appearance and performance. That's what auto designers are for.
Why should they, they never came to my aid b4 they took away my car
If the auto industry is failing it's their job to adapt. The government should not attempt to bouy the auto industry if they're just going to continue rowing the same sinking ship.
No. It is their own fault that they weren't making more fuel efficient cars. If they were we would still be buying them no matter what gas prices are.
Jack, Absolutely NOT, the bailouts are not intended to help our hard working factory workers, how absurd to think there is help for the working man/woman.
The Federal Government should help only if the auto industry is prepared to retool and produce energy efficient automobiles, trucks, etc.
It looks like now the taxpayers got to foot the bill for the Wall Street executives defense fund, so where excatly are we going to borrow the money to bail the lawyers and auto indusrtry?
Yes, I think the government should bailout the auto industry. The industry serves as a large employment base, and they should be help by the government.
Yes, they've bailed out egotistical bankers and investment brokers, why not help the US auto industry where each job affects so many more exponentially?
My suggestion is to give the auto industries an incentive package for reigning in all the cars that are not selling and converting them to alternative fuels. That way we are being proactive and addressing several issues in one fell swoop!
Kat
NO don't bail them out. We need to force them to shutdown for a brief time and re-tool their plants to make cars that can compete with the japanese. Why should we pay for their stupidity in building thousands of gas sucking suv's that they can't sell because of the American love of having a bigger car than your neighbor.
I do believe that the government should help stimulate U.S. Automakers as long as there are some strict guidelines and regulations regarding safety and fuel efficiency. I would also like to see a large chunk of whatever money gets allocated be used to develop electric and hydrogen cars.
The government has the automakers BEGGING them for money. This is a perfect opportunity to force them into producing better vehicles for this great nation. After all, cars are the #1 transportation method here.. Why not force US makers to be cleaner?
The government has already provided much aid to the auto industry. The only additional aid provided should be that the government purchase American only and encourage Americans to purchase American only for the next two years.
I think if we do end up bailing out the auto industry, we must also make them aid the country in achieving energy independence.
Yes – but with heavy stipulations. First, the quality of American Cars and longevity must be improved. We all know what 'Ford' stands for, and it isn't long life. No one will buy Ford because they're quite simply terrible. Second, the automobile companies must guarantee further and heavier research into alternative fuel vehicles. Through this we can further the goal of the whole nation.
No. Give us the money!
Of course...socialism we can believe in that actually puts 'horsepower' to the bailout ground in the form of production and jobs!
Yes, I feel the fed government should. They went ahead and did it for AIG, whom their employees were able to get a nice vacation out of that money, how unfair is that???!!. The US automakers work hard and should be backed by the government.
NO! Let the chips lay where they fall. let the oil companies bail them out.
The goverment should not come to the aid of the auto insdustry, they need to help themselves by making a better quality product and less of them. More hand crafted cars,more fuel effeicent vehicles and the enitre industry should all take pay cuts especially the CEO's and uppermanagement.
The Federal government has NO business bailing out the auto industry. During his administration, Jimmy Carter went to the Big 3 and urged them to change and re-tool and start producing cars that get better gas mileage. This was in the late 1970s. The Big 3 refused to respond and Jimmy was laughed out of office. The problems that the US auto industry faces now are self-inflicted. Why should we bail them out.
In 2004 I rented a Ford car in Sweden that was produced in Europe. After a week on the highways there I averaged 61.3 miles per gallon. If the big 3 wants to survive then they should bring the same technology to the United States that they are using and implementing in Europe. If they choose not to then good riddance. I'm tired of welfare bailouts for things that should have been repaired long ago. And I'm a life-long Democrat.
...only if they vow to immediately retro-fit their factories to enable them to manufacture automobiles that run on something OTHER than gasoline, and promise to revise their pay schedule so it leans more toward fair and balanced, and the CEO's involved must forfeit their huge bonuses, and instead feed that cash back into the company so they can hire morer workers.
No, I am sick of bailing everyone out. How about we hold people accountable for the things they did for once. Maybe I should go start a car company, because I know that I'll be bailed out if I fail.
Jason
Phoenix, AZ
Jack, this is a clear situation where we have to support one evil to suppress a greater one. The auto companies deserve to fall on their faces because they've been so greedy and irresponsible for all of these years. However, the people who end up suffering the most end up being the workers. I think we should help bail them out so that people can keep their jobs, but we should also make sure that the executive team at the automakers be kept on a very short leash with respect to their salaries and bonuses.
Absolutely not. Auto makers need to adapt to our new, oil scarce world, and it is not the federal governments job to fund their lack of foresight.
William, Jacksonville Florida
There is no doubt in my mind that the government should leave the auto industry alone. They have time and time again been warned about the need for more fuel efficient vehicles, yet kept producing gas-guzzling SUVs and trucks that a majority of the American public refuses to buy. The more we help these ignorant industries, the more industries that will whine for help. Look at what happened with AIG. This will result in more of our tax dollars being thrown away to greedy companies. You want more financial flow? Give me my tax dollars back to spend as I see fit.
We see all promises for tax reduction and universal healthcare, but my question is where will all this money come from? If O'Bama is going to grant the automotive industry all this money, where will he get it from without causing inflation?
middle class America that is ... ooops
Yes, definitely.
The economic fallout from the Big 3 automakers demise would be immense, loss of jobs and national revenue would ripple thru many industries and all regions of the country. The bail money should however come with restrictions on executive bonuses and other abuses we have seen recently with the financial sector.
As a Canadian I'm sure it translates to American just fine and still means the same thing....ABSOLUTELY!! America invented the industry, America will be the one that redefines it.
I have always purchased a North American (red Big 3) automobile and hopefully will be able to continue to do so!...
Jack: It will make no difference if the Government bails out the Auto Industry, the bottom line is that consumers are not spending. The Government should consentrate on getting consumers spending again, this I know because i myself have been cutting back.
Not unless the auto industry is willing to make some changes. No one has brought up the fact that the auto industry has high expenses at all stages – production, corporate, and sales. Until they change their business model and become more efficient, its hard to justify giving them more money. I think the auto makes should examine how the computer industry changed from a supply-based industry at big box stores, to a demand-based industry with direct sales. Seems like they could learn something from Dell and Apple.
The big three should be bailed out but only after they agree to produce the vehicles America needs for the future 100 mpg (at least), smart, durable and light (less dangerous during collisions). Then, and only then, should they get tax payer money; they have the know how if they don't want to apply it let them sink.
I think the government should fund the automobile industry only if the funding is used to help them develop energy efficient and environmentally clean cars. Doing that is of infinite value to our health and that of our economy.
Mark Lovett
Margate, NJ
Yes but a totaly new type of economic recovery program after
that bailout of 25 billion for the big 3 auto makers.
we need to Incite Canada to Invade us, and totally surrender.
Why Canada? they are polite and very Hospitable people,
who would probably give us a 5 pack of real beer,
not that weak 3.2 stuff we consume.
A book on hockey made Simple, and a simple class,
to teach us ZEd is the last letter in the real English Language,
and how to pronounce Shed-Yule Ah-Boot, Ah-Gain.
They would get our motion picture industry,
and Radio and Television Medias. they have infiltrated
since Art linkletter.
our debt would be gone, and we wouldn't have to choose
what type of universal health Care we need.
We would have to learn how to sing Oh Canada! and like it,
however sometimes they would give us a break to only sing
...the maple Leaf forever.
Money should be directed only to bailing out the auto workers by using funds for job training or other programs. The U.S. car companies dug the hole they're in by relying on trucks and SUVs and neglecting more fuel efficient vehicles, and they should not now be rewarded for that kind of epic failure.
-Sham, Chevy Chase, MD
Yes, only if the auto industry is making fuel efficient and electric car at a reasonable price.
bessie
albany, georgia
Absolutely not – the US auto industry is nothing more than another bubble fueled by ridiculous levels of borrowing. We reached a point where every household owned a fleet of gas guzzling $50,000 SUV's that they could no more afford than their homes. It's time to stop fueling bubbles and let the economy take it's course. Remember when a second car was a luxury and high school's didn't have tremendous parking lots?
No. Gas companies like Exxon Mobil should do it, because companies like GM make cars that consume EM's product the most, and are responsible for their huge profit they reported this quarter.
Jack – I suppose there may be some economic logic to the auto industry cash infusion; but given the incoming Obama administration's emphasis on energy efficiency and energy independence, the cash that is approved for Detroit should strictly focus on these aspects of the auto industry's operations.
The Government should only bail out GM and Ford, only if GM and Ford can guarantee a return to the taxpayers who are paying for this bailout. Also, the executives of GM and Ford should be forced out, since they are the ones who are partially responsible for this debacle. Nothing should go to Chysler or Ceberus, since they are a privately held company and Ceberus is a Private Equity group. They should be allowed to benefit financially at the expense of the taxpayers.
I THINK THEY OUT HELP BECAUSE GOVERNMENT SHOULD THEY MONEY TO FIX THIS PROBLEM
FROM DALLAS
A fedral loan to the industry could be in order, but only if that loan is connected to a requirement that Detroit begin producing energy efficient, and lower emission vehicles. This makes economic as well as ecologig sense..
Richard,
Las Vegas, NV
the government should step in and help those auto companies, but under conditions , for example: make fuel efficient cars at a affordable price , for the American consumer ,those auto manufacturers basically laid a egg because some of them where still making cars that are not fuel efficient. and besides i honestly wouldnt want to see any more Americans laid off like me.
No, the United States government should not bail out the auto industry. Allow the big three to consolidate into two. There are other foreign manufacturers that will come in and purchase any available plant and hire some of the laid off employees. Wages might be reduced, but some of these individuals will at least be employed. Throwing government money into an inefficient industry that fails to manufacture cars that we want to drive would be a waste.
Alton E. Drew
Atlanta
They're stocks are going down because they're behind in alternative and hybrid fuel technology compared to the rest. Investors look at companies that are AHEAD in those areas. The smartest thing to do is require all new government vehicles to be flex-fuel, and give massive tax incentives for those who wish to further their flex-fuel sectors. A full fledged bailout is overkill.
We shouldn't bail out anymore industries especially if they've already received a chunk of change and have a history of debt in the billions. Let some of these entitled companies fall away. It'll send a message to the rest to get it in gear for smaller, eco-friendly, high gas mileage cars. What are they waiting for anyway?
No I don't~~~~~ cars & trucks shouldn"t be so high priced !!!!!!!!!!!!!!!!!!!!!!!
Only if it's not a short sighted approach. The industry is hurting in one way that the government could help tremendously: Health Care. The auto industries provide more healthcare coverage, at a higher cost, than many small nations do. Universal, affordable health care would give them a lot more capital to work with. The companies probably should fail though. They recklessly put all of their eggs in the basket of the SUV while shunning efficient cars, hybrid cars, and electric technologies.
Jack,
Federal Government should bail auto industry which employs hundreds and thousands of people. I live in Michigan. I just lost my job last week. I am in no position to move out of state as I have lost the value of my house by 25% in the past two years. I have not seen this industry in this state of dismay in the past 17 years. If Feds can bail out Wall Street why not bail out main street and save thousands of job.
Sincerely
Jack, i am 65 yrs. old I worked for briggs & Stratton corp. for 35 yrs, they also made locks and keys for auto industry, if we can bail out the high rollers on wall street we certainly can help out the average family's who contribute so much to our eceonomy! roy in wi.
just 50 years ago the auto industry was one of the cornerstones of the American economy. The government should help the auto industry as it has the capability to get back to it's old status.
Jack, the answer is simple, NO! In our capitalist society haven't the CEO's of our past and present been rewarded enough. To bail out the auto industry would mean ignoring the million of Americans suffering without jobs. A bail out would assist with our job loss, but i believe its best we focus on the American people, and that means putting jobs back into our country, just not the auto association.
This will not be the first time that we bailout a auto company which was Chrysler. We are bailing out the banking industry plus the real estate industry with mortgages, fred mac and fred may so why not the auto industry as long as the loan is paid with a plus. our economy is failing so we need to do something.
We have already bailed out Chrysler several years ago. Why again? If Bush had done his job so many thousands of jobs would not have been lost. So how are people suppose to buy anything with no jobs?
The auto industry needs some help. Seriously after putting out the tanks and plains that helped America win a world war, I’d say Uncle Sam owes them one... or two.
Jack,
The auto industry is depleting and taking thousands of jobs with it. The federal government should do whatever is in their power to help them out. This is an opportunity to invest in the future of flex fuel, hybrid, solar, electric, or whatever other alternative energy solutions are available for cars today. It's a chance to restore jobs and save a major part of our failing economy. We have the infrastructure, we have the people, help us get to work!
Not unless the boards and all senior executives are fired. The big three created their own problem by resisting progress such as the electric car.
Bailout, NO. Loan with part of the profits to the people, maybe. Control of salaries, what products are produced, ie natural gas, solar power, cars that get 40, 50, 60, mpg yes. No more gas hog cars getting bad mpg with gas money going to countries who hate us and want to destroy us. You bet. Becoming independent of foreign oil. YES. Reasonable financing offered to people to purchase cars.YES Reasonable rules and regulations for auto companies to follow. YES Sounds good to me.
Jack,
It seems that there has been lots of talk of Socialism. Isn't socialism everything that taxpayers pay for? Having said that the government owns banks, houses, insurance companies, and also every departmental functions of governent. So since we are already helping everyone else why not. We are going to go broke either way.
Yes. At least they worked, but still went broke. More then anybody can say for Wallstreet with pork attached.
The government should at least consider giving a loan to the U.S. auto makers, but not until the CEO's of each manufacturer take a substantial decrease in their salaries and eliminate their bonus'.
What a question of course they will come to the aide of the auto makers. It's a given. But the real question should be asked will the goverment come to the aide of the almost 1 million unemployed people who have exhausted there benefits. I say bail out those who are hurting more then the car makers. But what do we know?
yes they should support US Auto manufacturers, more importantly we should support them by buying Ford and GM products. They produce great cars, Americans have got badge vanity BMW Mercedes etc each American autoworker supports seven other jobs. We really need to wake up and support each other.
William
No! The auto industry was also greedy and kept over producing gas guzzlers that effect our environment and get terrible gas mileage. They should have done the right thing by starting production and development sooner of fuel efficient cars. I have a job, but will not buy a car until they build one that the middle east will not profit from by fuel consumption.
Their business model has changed and they were too slow to respond.
Lets challenge ourselves to find a solution without the auto makers.
Absolutely NOT! The USA makes the worst cars on the planet. They have the worst safety values, the worst customer service, the worst VALUE, in terms of quality vs. cost of all auto makers.
I would never buy a USA made vehicle as long as the quality and service are as lousy as they have been the past twenty or more years. We should not be saving the auto industry. Let it die a natural death. They should have listened to their customers years ago and made a better product, with some decent service and accountability for safety to go with it.
Well here we go again.
Another mismanaged industry about to be "rescued" with our tax dollars. Doesn't matter that (for the most part) Detroit has been turning out crappy products for oh, say the last twenty five years now. Hey, if I screw up my business and it's about to go under, can I get a loan to save it? Pretty Please? I think not.
So let 'em go under/merge/figure out a way to survive WITHOUT a bailout. Maybe Detroit will finally get the message – build something worth buying and your sales won't be in the toilet.
I am nervous about incremental bailouts on an ad hoc basis. There should be an overall assessment of the economy and an umbrella rescue plan. Otherwise, there is the risk that our taxpayer funds will not be properly prioritized. There will be tough choice between leaving some companies to be subject to the free market and saving those that are critical to long term development and financial stability. There is a great need to avoid assistance being doled out to the industries and companies with the strongest lobbyists.
No!! We should not bail out the auto industry!! They have for to long been going down the wrong track at high speeds and now want our help!! We Americans for a couple of years have been wanting more cars with higher gas mileage and they have done nothing!! We have wanted to switch from using fossil fuels as the fuel to run our cars and they have done little. We Americans should not reward and help someone who refuses to change,adapt, and drop ways of doing things when they no longer work!
If we don't get help here in Michigan you might as well sell the state to the highest bidder. The one part of the ecomony that is making money is the rental moving trucks. People are leaving as fast as possible and young people are leaving for other parts of the country. The people of this country should start supporting the UNITED STATES AUTO COMPANY not sending money to a foreign country to help support that country.
I feel that we need to help the auto industry. We have to invest in our workers. We are in this together. We need to own the problem and start helping. No more finger pointing!!! It no longer matters why we have this problem. We have it. Let's get on with solving it with creative solutions!!!!!!
The US should come to the aid of the auto industry, but not before labor and management agree to terms that will make them more competitive.
The taxpayers simply can't throw $25 billion at the problem and hope for the best. Make the argument, get the money, execute the plan, and pay it back!
– Mike
Dixfield, ME
Jack yes but only if it is a loan and a time to pay it back. We need to keep as many jobs as we can. I feel sorry for those working with an ax over their heads.
Sure, Jack, why not? What's a second $25 Billion?
Maybe we should help out...one last time. But Detroit made their bets on expensive, gas guzzlers like "Luxury" Pickups, Hummers, and SUVs while Toyota, Honda, and Nissan are focusing more on affordable, more fuel efficient, smaller vehicles and their bottom lines are doing just fine.
If Detroit is finally ready to compete in the market once more, to lead through innovation, to make cars more affordable and more efficient so they can take on the foreign car dealers, then YES, let's help.
I've always bought American, but if Detroit continues down it's business as usual approach to business, I cannot say that I always will.
I believe that our government will have to act quickly and decisively to save the American automotive industry. I live in a city where thousands of autoworkers and their families have long contended with layoffs, reduced hours and reduced wages. If the government doesn't step in and help now, more jobs will be lost and a whole city, yea, country, will go into a depression that will make the Great Depression look like a hiccough.
i hope the govt does and quick. if the auto inndustry goes, i believe it would cause a huge chain reaction. the autoindustry created the middle class here, and if we lose that, i dont know what would happen.
Jack,
If the auto industry wants a loan then it is time for them to go to 50 mpg or above standards, electric/hybrid cars, hydrogen cars, and doing what the Japanese do, recycle the metal in the vehicles into the new ones... THEN and ONLY then can they have my tax payer dollars! If they give them the money with no stipulations I'll make my displeasure known in the next election.
I'm a Republican who voted all Democratic in this last one for the same reason, displeasure with the Republican Party. Although I would have voted for Obama regardless, McCain's choice of Palin sealed it.
Luwanna in Guysville, OH
Absolutely... If we (taxpayers) are forced to bale out the likes of Lincoln Savings and Loan and the most-recent version in the mortgage industry theft/debacle, then we can provide assistance to the auto industry.... but it doesn't happen this way with working class people getting aid in the form of their own tax dollars.. that's reserved for those who don't need the money...
NO NO NO It takes 40 hours to fix the screw ups on a new vehicle after it leaves the line and only 8 hours to build the car.Make the UAW pay for those man hours and we get an automatic $1500 savings
You know Jack, I never understand. The big companies, Mortgage Companies, now a Automaker wants a bell out! What about the homeowners that have lost there homes to foreclosure, the government hasn't step to there aid to bell them out! Should the government bell the automaker out, in my heart I want to say NO! But if the goverment doesn't that means More Jobs Less!!
Atlanta, GA
Yes. More lay-offs of working people will not solve anything. However, if we are to help them out, the government should require the auto-makers to produce a majority of environmentally friendly cars. In addition, there should also be an increase in the gas mileage standards of all of the vehicles they make to 40MPG in 2 years. Finally, Congress should attach a mandatory reduction in pay for Detroit's CEOs.
After the financial industry, the entire auto-industry is looking for a handout. Next in line is going to be the airline industry, followed by the construction industry. When are we going to subsidize going to the beach for all? GM, Chrysler, and Ford are facing bankruptcy and the smart way to deal with it is to let them restructure under bankruptcy protection. That's what the bankruptcy laws are made for. The exception for government assistance should be investments into new technology.
It is a simple prerogative of businesses to go bankrupt if their products miss the market needs and market sizes. After the bank welfare, America is entering into corporate welfare. Keeping an old dinosaur alive prevents new opportunities to spring up and hinders many in achieving the American Dream by setting up their own businesses with new ideas.
The paradigm of the next four years will be DOWNSIZING.
Governments and businesses need to come around and study up on the fundamental changes that are happening to our indebted society. America is changing from relentless spending on credit to paying back debt and building equity. Mortgages won't be available for more than 65-80% of projected home values. That change will hold for at least a decade and the economic impact of that change is a decline of over 27%. What we have seen so far are mere symptoms, and we'll see 4-5 million unemployed before Obama's inauguration.
This is not the Great Depression. It is much worse. Back then, people were still saving. In the last 10 years, American households saved literally nothing at all. Then, debt stagnated. Now, credit tumbles. Mortgage backed securities? Non-existent at the time.
Bailouts of private industries are corrupt on inception and will prove disabling for governments.
Please have a look at what needs to be done at ireport.com. Search for "economic stimulus".
H.R. Tschudi, economist and entrepreneur, Vancouver
I honestly think this is getting ridiculous. Why should these auto-companies be bailed out? They don't benefit anyone in anyway. Let the foreign car companies have the market. Get these slow-moving and slow-adapting, less fuel-efficient American cars off the road. They have worse gas mileage and are less reliable than any Asian car.
And this is coming from someone in the family of a GM employee who gets lots of money off from GM.
Yes and with srtict restrictions. Absolutely no CEO or shareholder increase. Forge an immediated deal with other nations that may need our vehicles,i.e CUBA, Mexico,and any place else.
Get Busy.
Peace & Prosperity.
I have mixed feelings. The US car industry currently produces cars that break down too much and get horrible gas mileage. Even if we gave the auto industry $25B, I still would never buy an American car. On the other hand, if the auto industry collapses, too many people will be out of work. A compromis: bail them out, but require the industry to completely restructure and come up with a plan to build cars that get 40 mpg! Seriously.
While I take much pride in the American auto industry, it has been lacking behind international automakers. The price of our current energy continues to rise, yet GM, Chrysler, and Ford continue to build non-efficient vehicles for the 21st Century America. The Hybrid Tahoe with 21mpg is still not the direction the American automakers should go. They need to step back and redesign their thinking for the 21st Century and move this great country forward with the American ingenuity that they have and can help defeat the big oil companies.
No. The auto industry hasn't done a thing to improve gas mileage, build more hybrid/flex fuel cars, etc. and now they are paying for it. Small businesses are going out bankrupt, too, but the government isn't rushing to to bail them out. Why not? Buy a Toyota Prius and be done with it.
No. The present auto industry needs to fade away. Smart, green engineers who were previously oppressed should form new companies with new names and new facilities away from Detroit. GM is dead as it should be.
The auto industry in America has done nothing to indicate they deserve a bail out. They make inferior gas guzzling vehicles and don't see the obvious things they need to do to build quality cars and now the foreign automakers are getting the sales and they want a bailout. The do not deserve a bailout.
To get this auto industry back on its feet, the workers have to be willing to take a cut in wages – there isn't a man alive worth $30 bucks
an hour 'on a line' filled with mechanical robots. My son worked for a company in London and received $25 an hour – the company went to the
States – he is working for $17.85 and darn happy to be working
This house shuts down when you and Wolf are on a 4pm .....
Of course we should. Tell Detroit to open the plants they've closed, bring back workers, but under 1 condition. Nothing but hybrid vehicles come of the line. Let's get the new energy plans rolling NOW!
Why don't the CEO and other executives take a pay cut from their inflated checks and bonuses?? Why is it only the workers that lose their jobs? When the company actually makes cuts at the top the government may consider assistance but only with strict restrictions, eg CEOs make no more than 5x the highest employee's salary with no bonuses, keep jobs in the USA.
Yes. The Auto industry has made some mistakes like other industries but the auto in the US is as American as apple pie.
We are losing so much in America I think we should do all we can to keep our domestic auto manufactureres alive. It is America's fault for thinking that foreign cars are a sign of success.
Let them sink or swim! No #1 They waste too much money! No#2 They did not heed in the 70's nor in the past year that people want fuel economy-NOT 0 to 60 in 5 seconds. Let them sink or swim!
We helped bail out the housing industry, I feel we should definitely do the same for the auto industry. So many workers, likely thousands could lose their jobs, and this economy would come tumbling down even worse than where we currently stand.
Here's an idea. Why don't the oil companies with all the millions of dollars in profits every quarter, set up a loan with a low interest rate to the auto manufacturers. After all cars still use their product which is gasoline.
NO! They chose not to invest and take advantage of the technology at their disposal that would have kept the market for their products healthy. If they fail, new car companies will fill the gaps and bring a better product to market.
I think some assistance will be necessary. However I think there may be better solutions than just handing over a lump sum of money. If I'm not mistaken, Obama plans to switch government cars in DC to plug-ins once he's in office. Why not negotiate a contract with Chrysler and GM to manufacture these plug-ins? That way one hand washes the other.
NO!!...they need to cut the salaries of those expensive CEO's making millions despite running the co's into the ground. They haven't helped the U.S. achieve energy indpendence so why should we help them...
The question isn't whether the industry should be helped, but how we're going to be able to afford to do it. $25 billion may seem like a pittance compared to the massive Wall St. bailout, but it's still a crippling burden for the tax payers. If the public uses its money to bail out the industry, they may not be able to afford Detroit cars once the bailout goes through.
Absolutely! The car industry employees a HUGE number of employees not only making cars but parts as well. There are probably close to a hundred thousand retirees collecting pensions and benefits. A loss of that magnitude could be devastating and further plunge our economy into oblivion.
No way!! As long as the these CEO are making million of dollars there is no reason to give them any break. Wagoner and Mulally with HUGE salary, bonus and stock to not deserve any break. GM believes that PR is the way to trick stockholders by making them feel they have a great product. Ford's Mulally is a smooth talker - I could have taken the stock down from $15 to $2 for a lot less salary!!
If we give them money we should make sure that the federal government (citizens) has preferred investment in these companies - this means no special stock for the Ford family!!
I think we need new auto companies and GM and Ford should follow Chrysler and be history.
absolutely government should help gov did nothing to help stop foreign imports
Should we have to – No. Do we need to – Yes. The employment and healthcare ramifications will be beyond belief. Unless you understand the extent of society's dependency on the Auto Industry you have no idea. My husband is a retiree. His son is an active Chrysler worker.
They talk of trickle down....this will trickle down,around and upside down.
Not bailing them out might teach the Auto Industry a lesson, but those that are really responsible won't be those that feel the wrath – just like all the others we have bailed out.
No... Bankruptcy is what is SUPPOSED to happen to unresponsive, short sighted businesses. The federal purchase of mass transit equipment with a bidding advantage to U.S. employers should be adequate to protect the jobs and industries for which there exist a real market.
You know Jack, I never understand. The big companies, Mortgage Companies, now a Automaker wants a bell out! What about the homeowners that have lost there homes to foreclosure, the government hasn’t step to there aid to bell them out! Should the government bell the automaker out, in my heart I want to say NO! But if the goverment doesn’t that means More Jobs Loss!! (sorry, loss not less)
Atlanta, GA
Absolutely not. This is exactly why I opposed the first bail-out package. Where does it stop? Wall Street, Detroit, Main Street.. Sure, we all like free money and safety nets, but sooner or later the American people and the federal government need to face the facts. We simply can't afford it.
Yes, BUT only with strict oversight.
1. For gasoline cars, 30 mpg minimum.
2. Emphasis on plug-in electric cars, They should be made by the millions to bring down the price. 40 miles per charge minimum.
3. Emphasis on creating electric conversion kits, to transform all the current cars on the road, this way we conserve materials, we recycle. Also, make them by the millions to make them cheap and make them available to small businesses and car dealerships.
No money for anything else, like giving bonuses to the CEOs or just making more wasteful SUVs.
Lets transform our automotive technology.
Why don't we just bail out all the criminals in jail why we are at it? The mismanagement the automotive industry is no different than the mismanagement of squirrely investments by Wall Steet. It was all driven by a desire to get some insiders rich fast, regardless of what consequences it has for everyone else. How many CEOs and other top executives of GM, Ford, and Chrysler, retired or active, are driving Mercedes and living in big beautiful homes with large stashes of cash while the line workers are losing their jobs and benefits to a stagnant economy?
Yes, we should bail them out on condition that they increase their fleet mileage average to 50 mpg by 2010.
Evan in Chandler , AZ
NEVER with no strings attached. Make the U.S. auto industry bring us energy efficient cars, hybrids and electric cars. The U.S. industry has a reputation for screwing consumers with lemons and poor workmanship. The U.S. industry needs a slap on the hand, not a bailout from the backs of consumers and taxpayers. If Bush's car of choice was a Hummer, I hope Obama's is a hybrid electric. Will it be a U.S. made car? It sure should. We can do it!
No more bailouts. The auto industry will not do for itself what the government will do for it. The industry needs to take steps to make itself globally competitve. It - and we - may go thru some tough years while the industry gets its act together, but bailouts are disincentives to innovation and competition.
Absolutely not, American Auto-makers need to build a better product and stop trying to make a buck with repair service.
Let the auto industry fall they will consolidate on their own – They are too big to allow themselves to collapse without government intervention – It's not like anybody isn't buying cars anymore but if that was the case then why would you wanna through good money on bad?
No way, absolutely not. The government is worse off than the auto industry. Don’t use our tax money to support private industry. If they are going to do that, I have a company that could use a few million.
Let me understand something. Since the U.S. automotive industry is in a slump we'll trying to determine whether the government should bell them out. My answer "NOT"! Understand this, if I own a business and my business failed to produced a product that customers wanted who's gonna help me? The government "NOT"!
No, no, and again, NO! While I know that this would result in more job loss, I am sick of these mega corporations always looking for a hand out for their shortsightedness. While they have long enjoyed the soaring sales of all those gas-guzzling suvs, they had to know that that
bubble would someday burst and should've been making preparations for that day. I cannot feel sorry for the state that these auto makers now find themselves in.
If the auto industry is to be bailed out there should be requirements that they produce cars that have increased fuel efficency comparable to the rest of the world. In addition people who purchase electric cars need the same tax incentives that the gas guzzling vehicles have been getting.
YES! we must bail out the auto industry. The loss of jobs would be a disaster. But the auto industry must tighten their belts and help. American citizens must learn how to buy American. The American auto industry is putting out a quality product, BUY IT!
All these super corporations have been the largest contributor to the collapse by outsourcing jobs and lowering the buying power of America. They're starting to see that America can not be only a market for their goods that are made in other countries to take advantage of little or no environmental or worker protections. Here we have yet another "too big to fail" situation where we really have no choice. If we do bail them out, they should have requirements for moving toward green venicles IN AMERICA..
Absolutely,the manufacturing base of this country can't be ignored.If good jobs like these disappear as so many other industries have,so does the middle class
Absolutely NOT!!! Every time a major corporation is in trouble ( such as the airlines ) they look to the government to get bailed out. Who do you think bails out the government? Taxpayers. How are we ever going to get our country on the right track if we keep giving billions away to faultering businesses? I think it is time to do some downsizing.
No. We are supposed to be capitalists. We shouldn't have bailed out anyone and we shouldn't bail out anyone now.
Cincinnati
I have a proposal that may make more sense then to keep giving big loans to the ones that have gotten us into the troubles we are in.
Yes I think we need to help the auto makers.
What would make more sense then to give $350 Billion to help out Wall Street would be to give $1/2 million to each tax payer. Even $250,000 to each tax payer. This would be cheaper for congress and would do a whole lot more. If congress gave every tax payer $250,000 they would pay of house loans and bring themselves out of foreclosure and use income for other things like buying food and TV or even cars. People not dealing with foreclosure would use money to buy a house or a car or even a nice large TV. All of this will rebound the economy, provide jobs, and restore our economical situation.
The $250,000 to $500,000 or more that I am talking about above cannot be cut to $300.00 like President Bush did but a real stimulus for the average person or the "average Joe". If Uncle Sam were to give me $500,000 I would go buy a house and a car and a new TV and other things I would like while adding jobs to sell manufacture and transport these items. Also this money would not be lost with the "Fat Cat" going to a spa retreat like some companies do with the $585 million they get to rebound the economy.
Michael
West Palm Beach, FL
IF we can bail out the Finance industry and they do nothing after getting the incentive package we can at lease help the auto industry. I believe that at least helping the auto industry the money will trickle down below the glass ceiling. and not into Corporate CEO pockets as was done by the bankers.
I have relatives and friends that will be effected as a result of the poor conditions I currently see.
Jack, Sure, but don't just give them the money. No big bucks for the stockholders or CEO's. All vehicles get super gas mileage and, most importantly ALL cars, parts included are Made in the USA. That is the only way that we can insure that Americans can afford these cars and OUR economy is benefited from the taxpayers money. No paying for a new factory in China or wherever!
Of course they should! This is the government's chance to put up or shut up about bailing out mainstreet. Enough with the trickle-down theory. It's time to start helping people out directly.
Michael-
Minneapolis
if we can give $700,000,000 to the bankers and stock market why can`t we give money to keep some of the biggest job providers a chance to survive and keep some jobs off the jobless charts this will give our economy a bigger boost than giving a blank check to the people who got us in this mess to start
Jack:
No, the government should not bail out the auto industry. The Big Three in Michigan are reaping what they have sown: big cars, poor quality, little or no innovation, old marketing and sales techniques.
Ford, GM and Chrysler may go the same route as Braniff, Pan Am Airlines, Montgomery Ward, and TWA. Businesses come and go; success is based on customer service, qulaity products and innovation.
Companies like Toyota, Honda, Apple computers, I-Pods, I-Phones, Southwest Airlines, Facebook, Linkedin, Google are focused on what the customer wants, and providing goods and services that people will pay for.
Good luck Ford, GM and Chysler.
The reason the auto industry and many other businesses are in need of being "bailed out" is because there are no consumers with money to buy their goods and services. Doesn't it make more sense to "bail out" the consumer so that they are able to buy goods and services which would in turn "bailout" business and create jobs which would create more consumers who buy more creating even more jobs and more consumers with money to buy and so on and so on?
If we simply give the businesses the bailout it may sustain the business longer but when the bailout money is gone we are left with the same problem. No consumers with money to buy goods and services.
Yes, but only if the Auto Industry promises to use that bail-out
money to retool and produce electric and hybrid autos. My
only transportation is an electric golf cart used around the
village and just outside. I appreciate the much needed
economy and the independence from harmful gas fuel
that it gives me. Grandma Esther, Laguna Woods, California
Free market doctrine dictates that “let demand and supply” decide the fate of businesses. Bailing out these American white elephants producing cars giving 4-5 miles per gallon of $4.00 gas would be an act of “transferring the funds” to all of us “Joe the plumbers of the world”.
In spite of the writing on the wall since the Arab Embargo of early seventies, they continued to dole out gas-guzzlers and Humvies sucking the funds from Defense department and Government consistently adding to ballooning deficit of the country for past 30 years.
Let them perish and be part of Bush’s pile of ashes with writing on the tombstone that “Yes we can”.
All of you that are against this, please visit Detroit. See how many jobs it will affect. Apparently every job affects 10 other jobs in our area. Look at the city of Flint. These are not good times anywhere, but Michigan is so dependent on the Automotive industry, letting it go would be like just allowing most of the state to be far below poverty. Why don't we just give it to Canada? It should have never gotten to this level. The U.S. should have "bailed them out" with certain conditions about three years ago so we would not be in this predicament. They should have made it mandatory to have much higher energy restrictions, which may have led the "Big 3" to be ahead of the foreign automakers instead of trying to play catch up when it is too late. Also, I seen some comments on the wages of the workers, which I agree is way too high and this is something that needs to be "right-sized". How about working with Housekeeping staff that makes $30/hr. Where else do you find that? There are many things that the UAW have done to hurt themselves by fighting for certain things that have eventually led to job loss. The auto companies have had a hard time fighting against this large union and definitely need the help NOW!
Yes! American people also need to understand. If we refuse to buy our homemade products how are we going to have a home?
No, We need to stop rewarding bad choices. The auto industry has chosen to build and push big fuel guzzling vehicles and now the fuel prices have risen and the economy slowed to where american can no longer afford the prices they are charging. Just like with homes, drop the prices and people will buy them. Just not at these prices.
Of course they should! They bailed out Wall Street. This is the government's chance to put up or shut up about bailing out mainstreet. Enough with the trickle-down theory. It's time to start helping people out directly.
Michael-
Minneapolis
Automakers may have been a little slow to realize the effect of not going 'green' for awhile, but if the plan to rebuild our infrastructure includes green and keeping jobs in the US, this would be an immediate place to start.
If we can bail out Wallstreet and the banks when they were part of the problem that caused the economic meltdown, we can certainly offer some help to the automakers, where it is clear it would save jobs immediately.
No, if they are going to run their companies the same way they have been the last 50 years.
Yes, if they agree to making changes. To start with, no more large gas guzzlers. The American people will just have to adapt. Other countries have been driving smaller cars for years.
Then, how about cars getting many more miles per gallon. Lets start somewhere in the area of 30 MPG.
If the government is going to help bail them out then conditions have to be met and I would start with the 2 mentioned above.
You think we have economic problems now??
Millions of jobs -direct and indirect – depend on the survival of the domestic auto industry. It is the sole national manufacturing industry of large scale remaining in our country. America cannot survive in the 21st century if we allow our manufacturing base to disappear. I am sure that Japan, Korea, India, Europe and China would love to be our sole supplier of vehicles. Just like TV's, radios, clothes and other items. We would turn into a NATIONAL WAL MART NATION if we let the domestic auto industry and all the people related to them simply disappear.
Get rid of the extra leg room, after all no one really has an extra leg. Just kidding. Yes, bailout but only if we get something in return i.e. at least 40 mpg, smaller energy efficient, etc. For a change, use some negotiating for God sakes.
There is no demand, why alter the basic business model?
I agree 100% on conditions. New CEO,managers would be a start. Chrysler is somewhat of an exception they have not been in there for years. They should be allowed to turn things around. GM has had time to fix things they need the over haul. Ford, on the surface seems headed in the right direction.Quality strides with CR is a right step. We need those Diesels here now. Hybrids,alternatives should follow soon. The Diesel technology is here now,why don't we have it here now?
Not for those not willing to drop the auto prices!
If the American automakers didn't build such low-quality, gas-guzzling vehicles compared to their overseas counterparts, they wouldn't be in this situation where they would need a bailout. The US automakers should get a bailout on the condition that they build BETTER, FUEL-EFFICIENT cars.
Manny
Edmonton, Alberta, Canada
Although the auto industry is a very large part of America's industry, it seems irresponsible for the government to have to bail out any and all businesses and industries that are suffering in these difficult times. We live in times where a paradigm shift is happening, where cleaner resources must be utilized, where factories and their workers need to meet the demands of the 21st century. What REAL progress has the automobile industry made for this transition?
Capitalism in its very essence is about dog eat dog, sink or swim; and those companies who work to meet the standards and needs of the many will survive, and those who don't will simply die off. That is how capitalism works, unfortunately at the cost of auto workers jobs... they need organize in order to retrain and prepare for the shift in technologies and resources that exist in today's market.
Jack, An old East texas farmboy told me many years ago that you build a house from the ground up. Bailing out these greedy bastards is going form the top down. If, as some one else has said, I we give the people the money that would go farther in stimulating the economey than starting at the top.
I am not talking about one thousand dollars but as the othetrfellow said somewhere around $100,000 would go a long ways in setting things right.
Thank you,
Gene Doss Globe Az
ps. By the way that old East Texas Farmboy was my old man who had only an eighth grade education.
The auto industry obviously needs help. If it does come in the form of bridge loans, it needs to come with strict terms and oversight. With a national debt as large as ours and with the economy in the shape it is in, i think that any money that is used as a "bailout" to any industry or company needs to be accomapnied by a government official to sign off on the way it is spent. The American Public deserves to know exactly how their hard earned tax dollars is being spent.
no, absolutely not, we can not bail out every business. we need to let the chips fall where may. if i had a small business and people didn't patronize it. i would have to do things to bring people in and build my business up. tell them to drop the prices of auto's. maybe it's time for people to keep what they have or buy used automobiles.
The auto indestry did this to them self.The union workers always thought they deserved more and more money causing strikes and work slow downs.In other contrys were cars are made they are very happy to have a job and if the company does bad it is a reflection on them.(Hat kind of thinking in the US auto indestry is long been gone.Let them go bangrupt and stare all over again and remember this as a painful reminder that they are not indespensable
Jack-
The US Automakers have been operating under unfair rules for years. Few people realize that Japanese,Korean and Chinese governements take a very active role in supporting the automotive industries in their countries. They understand that manufacturing is important to raising the standards of living in their countries.
Frankly, we need to make things in this Country. I say yes. Let's support our manufacturing base. If we do not, we could lose in excess of 14 million automotive and related other jobs.
We cannot afford that either.
John
Grand Blanc Michigan.
Jack
'A few weeks ago on 60 Minutes, Leslie Stahl interviewed a cocky top Executive (I don,t remember his name) of GM who was bragging about his 3 helicopters he and his wife flew around. Now they want a bail out. Perhapsthey could take a pay cut first.
Not without a guarantee that jobs remain in the U.S.
Yes, because if you don't live in Michigan, you don't know how bad it is here, with all the auto industry losing jobs, all the foreclosures because un-employment does not cover your bills and mortgage. Jobs here a very scarce. So for all the people out there who say no, they should live here and Michigan, and see the recisssion that we been in for 3 years already. If the government can bailout Wall Street, they can bail out the Big Three, who have been the back bone of the Middle Class, and enabling spending.
Bail out the automakers? Absolutely not!
We've bailed out everyone else so why not the automakers? Are you for real?
We see how the financial bailout is helping – bonuses for the people that have been so irresponsible with our economy. If we bail out the GM (for example), where is that money going? They will take our money and spend it – in China. They're crying poor here, but are spending BILLIONS on plants in China. Billions.
They've made their beds – let them sleep in them now.
no, toyota and the imports make the best cars. also a person is not cool seen driving an american car !!!!!!!!!!!
give money,..ye!s .. ONLY if every cent is spent in developing the future car on hydrogen,
and the production of it. ... fast and at the point !
I don't go on enumerating the benefits ... are obvious !
Good morning!
I wish there were some way to cut off the executives who ran them into the ground without making the average workers suffer first and foremost, as they always will in an age where laying off employees to keep the cash to cover your own multi-million dollar bonus is considered acceptable practice. That said, and my apologies to the good people of Michigan, Ohio, and other hard-hit states, I have to say NO!
Thats a very difficult question..The talk is of merger and consolidation, which usually means job losses..The alternative is not pretty..Bankrupcy is such a lousy signal to everyone, that it cannot be allowed to happen. There has been money thrown at the financial industry lately, and all the press is about big bonuses and greed. I think the auto industry represents more middleclass, retirees and mainstream America, and should be helped. It could be an important step towards recovery...I live on the border of Michigan, and to see what has transpired in that beautiful state, and to its good people has been terrible over the last few years..They deserve a hand....
First a distinction needs to be made on who is doing the bailing out. If congress wants to reach into their pockets and provide a bailout from their $100k plus salaries, then I say go for it. The fact is, the government doesn't bail anyone out, the tax payers do. I would have hoped we would have learned from the actions of AIG and others who have recieved tax payer bailouts only to spend the money on lavish executive vacations and pay for grand executive compensation packages. I've seen reports of small business owners taking pay cuts or not evening taking pay at all to keep their businesses afloat and to pay their employees. What do the top execs at GM and Ford make? No taxpayer bailout!
WHY NOT? I think the government should give the auto industry as much help as it takes to bring them back up and get them back on track. After giving the banking industry billions of dollars so after their executives got millions in bonuses. There are millions of jobs depending on the auto industry from the corporate offices down to the hourly personnel including the salespeople, many who has seen their wages declined to almost nothing, and many who has lost their jobs because of the economy. So I say DAMN RIGHT, BAIL THEM OUT.
Only if the Government and the tax payers fronting the cost for the bailout get a stake in the companies. We've let them force us to pay for high gas milage and to kill the enviroment while they sit and say they cant make a better vehicle, even though we can send men to the moon.
Maybe we need to let them fail and restart with smarter managment.
An auto Industry infusion should only incur if an agreement is established to provide a better. more dependable product, allowing the US auto industry to become more competitive with foreign entities. It is common knowledge that most would like the opportunity to purchase domestic; however the liabilities / disparities are too great. Also, there must be immediate attention placed on creating immediate alternatives to our energy crisis. Also, it is my opinion that the tax payers should gain stock participation in exchange. No more free money as it is not freely given from its contributors, the American citizenry.
The government should not give auto makers a dime. Let Exxon, Chevron and the other oil companies use their trillions of dollars of blood-money profits to bail out their buddies in the auto industry.
No! The US auto industry brought this on themselves.
They've been sitting on electric car technology for years
and have done nothing.
Imagine if they had started producing electric cars
back in the 1970's. More jobs, cleaner air, cheaper
more mileage efficient cars. Real technology for the 21st century.
But instead inertia prevailed. And now they are paying the price.
Or they should be. Certainly not the US taxpayers.
Allan from Sherman Oaks, CA
No – the government is taxing Americans on these bailouts which they oppose. This is taxation without representation and this is a reason why we broke away from the Brits. So, can we break away from the US government and form our own country?
Michigan is dieing, please help!
BTW-I AM NOT for getting rid of the unions.
Jack, yes, we should help out the auto industry. We don't want to lose any more jobs. As American we should buy products from American companies who have their manufacturing plants in this country. Not just cars, but all products.
Think the Bush Administration should step up to the plate, afterall they are still in office and responsible for the country for the next almost 3 months. Work with President Elect Obama and get that industry meeting together ASAP and see what can be done. That industry employs thousands and they are critical to the economy also.
Absoltely not! They had every oppurtunity to do the right thing . Reinvest in technology, produce a varied range of efficient vehicles and reduce overhead. Instead they acted like a typical greedy corperation. Right and wrong does not matter to these people, only profit. Maybe their stockholders will loan them some money.
Free market doctrine dictates that “let demand and supply” decide the fate of businesses. Bailing out these American white elephants producing cars giving 4-5 miles per gallon of $4.00 gas would be an act of “transferring the funds” of all of us “Joe the plumbers of the world”.
In spite of the writing on the wall since the Arab Embargo of early seventies, they continued to dole out gas-guzzlers and Humvies sucking the funds from Defense department and Government consistently adding to ballooning deficit of the country for past 30 years.
Let them perish and be part of Bush’s pile of ashes with writing on the tombstone that “Yes we can”.
NO! Why should we bail them out for their failure? The technology is there for more fuel efficient cars and they chose to side with the oil industry. Let them feel the pain as we have as middle class citizens. Help the person who is laid off.
Jack,
Absolutely !! But please don't call it a "Bail Out"!! Try assistance package. Jack, We need our car companies . Think what would happen in time of war? Where would we get our vehicals from ?
Not from Asia,Europe or Korea. A pretty sad state . Now think about oil the same way . What will the cars run on ?? We need to invest in our country . We need to depend on ourselves and build America back to the engin of Democracy. Let's build up our trade schools and our technical schools and get alternative energy NOW!! Stop wasting money in Iraq let the Europeans worry about them.
Since the 1970s, GM, Ford and Chrysler have produced lousy automobiles. They have spent millions of dollars, not on R&D or producing better and more advanced cars, but on lobbying to prevent a change in the CAFE standards. Meanwhile, GM has a huge and relatively new corporate headquarters with so much redunddancy that executives there do not know what anyone else does. Instead of rebadging junk from Australia or Suzuki, GM could produce a reasonable vehicle that is not an SUV. Ford has lived on the success of the Explorer for years and ceased to innovate. The Ford Ka is a good little economy car that will never see a market in the US, although it may give Scion (Toyota) a run for its money on the so-ugly-it-is-cute factor. Chrysler has produced oversized, overpowered, overjunked up cars for years. Although I feel really bad for the auto workers, these companies should not be bailed out. They have been using technology that was established in the 1890s. They are not using modern materials like carbon fiber, LNG, or diesel hybrids and other technologies that could be adapted quickly and would garner interest from buyers. Then again, I now drive a Korean car as I could not wait!
Jack,
The government should bail out the auto industry. This is what we ought to do right now to not only save jobs and help stabilize the economy, but also to shorten the recession we maybe in right now. This is done all over Europe all the time and don't see why we shouldn't do it. The cost of not bailing the auto industry out associated with the crisis on Wall Street will be too damaging to our economy.
Denis
NO! The bonuses that were given to all the big CEO's should bailout the auto industry. Just lower the prices on those vehicles and stop being greedy.
Yes, we should come to the aid of US automakers, proportioned according to employment of Americans, including foreign companies who make products in the US. It is more important to save jobs than to subsidize executives and shareholders. Further, limit executive pay, perquisites, golden parachutes, and other potential sources of income, but reward executives in a few years who save jobs and begin to payback the loans.
Absoltely not! They had every opportunity to do the right thing . Reinvest in technology, produce a varied range of efficient vehicles and reduce overhead. Instead they acted like a typical greedy corperation. Right and wrong does not matter to these people, only profit. Maybe their stockholders will loan them some money. Alan, Hanover Pa.
Jack,
The simple answer is N O. The U.S. auto industry for years has been mismanaged by greedy, strategically challenge corporate executives. The UAW and other industry unions have also put self-interest above national interest and are themselves greedy accomplices.
For these and other reasons, skip the bailout of the Big 3 US auto industry.
R. Popowitz, N. Potomac MD
Yes, absolutely the government should bail out the auto industry. The automotive industry has been a staple in American economics for years, and is responsible for the employment of hundreds of thousands of people, either directly or indirectly. The United States Government can not just sit idly by as an industry that large tanks.
Whether we want to or not, the auto industry must remain in place. Remember, these are also the same companies who manufacture our weaponry. We can't very well hang on to world power status and out-source that responsibility to China.
Sure, why not? Then bail out the casino industry, the hotel industry, McDonalds...anything and everything but health care and the middle class. THAT'S socialism.
Why not? If the g'vt has bailed out everyone on Wall st. why not the auto industry? What will be next? Just think the g'vt will never help the average joe. Can the g'vt bail me and my famyli out with a mere 120K?
Not without conditions. Companies that receive public assistance in any form should be held accountable for how that money is used. It should not be used to pay dividends or reward failed CEOs. Secondly companies who receive such assistance should NOT be outsourcing jobs.
Should the auto industry be bailed out? Are you kidding? Have they ever bailed out any of the citizens of this country? Of course not. Instead they ship jobs overseas to increase their profits. I think these uber-rich CEO's should be required to infuse some of their own personal wealth into these companies that they are so concerned about. What the government should do is reward the hardworking people who did not live beyond their means with "free mortgages." Then we can boost the economy with all the extra cash we'll have! We'll build new businesses to create needed jobs, and help our neighbors buy their homes back! It's time for the auto industry to tighten their belts and change with the times just like the rest of us are doing!
We as a nation should not let the american auto makers fail. However, we should expect that the automakers need to commit to keeping and building U.S. Jobs and greener cars built in the U.S. We should also help the auto market with tax breaks for consumers buying new green cars built in the U.S.
My first reaction to the failure of the major auto companies is that the US government should not bail them out. Owning a vehicle is a luxury that not all of us can afford. The auto industry has the perfect opportunity to realign themselves with the main mission of the people of the United States and take this opportunity to research, develop, and produce alternative fuel vehicles. Only then, once they agree to move to alternative fuels and vehicles, should our government assist them from going out of business. By agreeing to move to alternative fuel vehicles, they would continue to create new jobs, Americans currently in the auto industry could keep their jobs, and they would be doing us and the world a great favor by continuing to serve the American people and our families in a responsible and meaningful way.
I do not think that the auto industry should be bailed out for the simple reason that they have not done what was necessary to adapt to the times and survive. In the late 90's and early 80's, many auto makers began producing electric cars. Instead of continuing production, based on consumer demand for the product, they decided to end production all together. With energy costs sky-rocketing and the economy not doing well people are not wanting to spend money on cars that guzzle up so much gas and money. If the auto makers had done the right thing and continued the production on electric cars, they would not be in this situation right now.
No! If the auto industry was on top of things by producing more electric cars and focusing on green technology when they should have they would have a market for their cars. During a recession I doubt people would want to waste money buying a gasoline vehicle seeing what can happen with oil prices. If they start producing the cars of the future now the auto industry will have a market.
NO...NO...NO...What's next, the oil industry? If the U.S. cars can't compete and turn a profit, I'm fine with my Honda, Toyota and Nissan.
Jack, I am a registered republican and retired CEO that voted for Barack Obama. The answer is NO. Where does this stop? When I ran my company we had to do it the old fashioned way or I got canned. Also the idea to loan GM money to buy Chrysler is also stupid. Two struggling companies don't make one good one. The only way I would go for this if they got rid rid of the entire management teams of all three companies and didn't give them a cent.
Willis Cooper
Oregon
Gov. Bail out is not a solution. Maybe a precondition short term loan might be effective to stimulate the auto industry.
Jack...bailout yes under mature responsibillities,
And make sure all americans buy from american made.
So Simple...
Well, we don't want to put them on welfare, so let's give them a hand up instead of a handout. Tie financial assistance to making fuel-efficient cars. Even if oil stays low for a while, we need to get off foreign oil. That'd be an acheivement worth paying for.
No, unless the new American cars of our future would permanently be cheaper, no rebates or anything to that nature, just cheaper cost. Lets keep things simple.
Has anyone considered nationalization? I don't see why we should reward failing companies with bailouts. We certainly can't do it for all of them, so why not nationalize failing industries and put people back to work? I don't buy that crap about the private sector doing everything more efficiently. If they were so goddamn efficient, why are they failing?
That's a no brainer Jack. Of course we should. The gov't bailed out the greedy so and so's in business sectors that they aided and abetted the downfall of through deregulation didn't they? Well then, why not bail out the auto industry? It's suffering due to high oil prices, again the gov't's fault, and the crash of those business sectors. It would take a pittance of the money heaped upon Wall Street to save our country's auto industry. That, and I'd rather save one auto worker's job than those of a thousand who helped bring us to the brink of ruination.
Unfortunantly we must, not just to prevent the further decline in the economy, but for the many thousands of jobs that hang in the balance now as we are considering this bailout
Why not? The government spent $700 billion to bail out the titans of Wall Street and these auto companies are on a short clock. If they fail, millions of blue and white collar American jobs will be lost and that's not even considering the estimated $46 billion in tax revenues that will disappear. If they bungle this, Jack, it's very penny wise, pound foolish.
Yes!! the goverment have money let them use them wisely PLEASE !! no more Job losses.
Just giving away $25 billion doesn't fix the problem, Jack. That's already been tried before, and it hasn't seemed to help. What I'd propose, however, would be to instead of just giving away the money to the auto industry, use it to buy up $25 billion worth of new product, in a similar way to how the Pentagon awards contracts to aircraft makers to build their planes. That way, the automakers could hire back some of the people they "let go" and all the money wouldn't just end up lining the CEOs pocketbooks.
NO!! The auto industry hasn't been thinking about their workers or quality of their products for the last 20 years. The Executives took massive bonuses while closing plants in the U.S. to move jobs overseas. It is time for them to restructure their businesses to once again be the leaders in auto technology.
A bailout, no. A loan, yes, with strict stipulations. Better quality, higher mileage and put a stop to ridiculous executive salaries. I know a lot of people are quick to blame unions and union pay, but the ideal that the yearly salary of ONE CEO could pay ALL his hourly workers is just mind- boggling. All these corporations are top heavy to begin with and until the shareholders rein in ridiculous executive salaries and perks NO assistence should be given.
Buyout, no bailout. Like no taxation without representation, no investment without ownership needs to be our new rallying call. Why should we give them money to make money off us when we could be the ones making the money?
Haven't we already given them $25B a month or so ago?
The Big 3 will become the Big 2 with the merger of Chysler and GM, and leave Cerebeus on the hook for their losses, not the taxpayers.
YES..bail them out with a mandate- 50% of all cars and trucks for sale need to have an MPG of 35 in 5 years, 40 MPG in 10 years and so on.
All need to be manufacture in the USA.
Of the remaining 50% of cars and trucks, 30% need to be powered by Natural Gas in 2 years and be available as an option on ALL cars and trucks in 5 years. Of the remaining 20%; 10% should be focused on other alternative energy powered cars and trucks, with 10% on sports cars, trucks and utility vehicles with low MPG.
NO WAY should we bail out these so-called American car industries. They turned their backs on us after promising a better car back with Bill Clinton. SHAME ON THEM
Maybe President Obama can ask Oprah to buy all his supporters a new car Jack!
Yes they should if need help They are more important than the Wall street.The automotive industry is very important to the US I still get sick of them helping the Wall Street fatcats and not helping everyday Americans
That would simply lead to the exact same situation as now down the road at some point. Thats if its done the way the Auto Industry wants, which would be just to dole over a mountain of money without any oversight whatsoever. So NO, NO WAY.If the Government does provide bailout assistance it should be contingent on the auto industry stopping thier allegance to the oil industry and instead innovating BRAND NEW and ADVANCED GREEN Technologies (of which they are perfectly capable of) that would ween us off of fossil fuels within ten years or so.
No. The American people do not believe in socialism but they do believe in capitalism (survival of the fittest). If American car companies or airline companies can't take the heat, then get outta the kitchen and have new and hungry companies emerge just like we saw in the computer business with Microsoft overtaking IBM. If the government doesn't step in, there will be a tremendous unemployment surge but that is the car company's fault for not investing properly in better vehicles that are more suited for today's environment. If companies love to take profits then they should be able to responsibly handle the losses.
Yes. We've bailed out Wall Street and investors with over $800B. This $50B is the only thing the taxpayer will have done to date to help the economy by protecting jobs and an industry that I don't believe Americans want to lose. Jobs, jobs, jobs is the only thing that is going to get us out of this hole. How can we even contemplate for a moment allowing this industry to die. It is our history, our tradition–we started the whole thing. It's ours, not Japan's, Germany's, China's. We've thrown off Lehman Brothers, the oldest bank in our history, that survived the Depression and two World Wars. We've thrown off most, if not all, Depression era regulations of the bakning industry, much to our dismay at the present time. I never thought I would make excuses for any corporation but the auto industry is not alone in this. There's the oil industry, our lawmakers, and Madison Avenue. They all share because they've put across their agenda with Madison Avenue working on the American population to want bigger, more powerful, more expensive. Only when our backs are against the wall with gasoline prices do Americans cry uncle. But, so far, nothing has happened to change the mindset of Americans.
Micki
Pueblo, CO
NO !
What is needed is a campaign to get Americans to buy US made vehicles and revive the American auto industry .
Back in the late sixties , Britain was having lots of problems and a campaign was started with TV ads "I'm Buying British" . This worked and did wonders for the Brtish economy .
Let's face it if the vets from Pearl Harbor new how the american people are buying Japanese auto's they would roll over in their graves .
The government should bail out the auto industry because to avoid another unemployment increase.
The auto industry invest alot of money in advertisements in the media like ABC, CNN, CNBC and Fox. If the bail out does not pass, the media industry will lose profit.
This is the “Ripple Affect”.
Davindranauth Shiwratan
Bah Humbug! With all due sympathy to auto workers, a "bailout" suggests a rescue but these folks need an "intervention". Whatever happened to the "free market" chant we kept hearing, especially from Republicans? With so many bailouts the American "free market" has really become a fraud. We've had to stop buying American cars because of the high failure rate and extremely expensive repairs on basics such as the transmission on an F350 to the tune of $4000 immediately after the warranty lapsed. We own six new vehicles but none are American. They're unreliable. The American auto industry has been profiting grandly from the unwary public for years. Why can't they make a quality, energy efficient car here in America? Maybe because of the oil lobby? It hasn't been in the auto industry's interest to be cost or energy efficient. It's high time they get their act together!
No! Absolutely not!! Do not bail out the gluttonous fatuous big 3- Chrysler, Ford, & GMC!! They suffer so much because of their horrible products!! This is payback for years of crappy products and screwing the American people!! Take the money you would have given to the big 3 car companies and give that to those people who are loosing their jobs there instead!!! Reward the people not the big 3!!
As a resident of Michigan whose husband works in a plant that supplies parts for the big 3, I would say yes with conditions attached. They should give them only a portion at a time and see how it is being spent. Are they using it to create and keep jobs in the US, or are they using it to pay for CEO bonuses , or perks for executives like AIG did? What GM and other major corporations failed to do was to look into the future. They were interested in the short term profit they could get by sending jobs overseas where they pay less wages, less health care costs, and face less regulation. What they forgot to factor in was , without jobs that pay a living wage Americans can no longer afford their products. GM and other corporations need to look into the future and use any money they receive to re-tool and build for the future, but build in America.
Why Jack, so the Oxymorons in Detroit can produce Suburban, Escalade and Hummer Hybrids? Over my dead body!
what has g.m, chrysler, and ford done to adjust and adapt to the changing world? the domestication of larger cars and trucks is just a small piece of the problem. get with the program, design a product that is reflective and responsive to the times......now and for the future. why should we bail out the auto industry, or anyone, that does not contribute to the movement of change? .
Want to help solve the problem....BUY AMERICAN!
No, no, and again, NO! While I know that this would result in more job loss, I am sick of these mega corporations always looking for a hand out for their shortsightedness. While they have long enjoyed the soaring sales of all those overpriced, gas-guzzling suvs, they had to know that that bubble would someday burst and should've been making preparations for that day. I cannot feel sorry for the state that these auto makers now find themselves in.
Since the time of the “fuel Shortage” of the 70s, both Ford and General Motors continued on the most part doing business as normal. Both companies continued to loose the American buyer to brands like Honda, Toyota, Nissan and Mazda. The men and woman that have run these companies did very little to stimulate their respective research and development departments and continued to ignore their competitors.
Currently the straw that broke the camels back was the fuel prices going from $2.00 a gallon to over $4.00 which Ford and GM were not prepared with vehicles that could exceed government fuel standards..
How about EXXON lending Ford and GM the bailout money?
Yes!! As General Motors goes, so goes the nation! Besides that, I have GM Retirement coming, I hope!
How would you feel if your family's well being depended on this issue???
NONONONONONNONON! My wife and I put all the money we had to save our business. When we ran out of that we didn't have the government to help us. So why should they get any money, and we don't even know if that's going to work or not. I'm sure those billions will help create other better jobs for the auto works then the failing American auto industry. Leave the car making to the Asians....hehe
Why not contract a few million low-cost high-milage cars (no frills) for delivery January 2009 to the government? Then the goverment could sell & finance these cars to the public at a profit back to the taxpayer to recoup the lost bailout dollars.
Mr. Cafferty, my husband retired from GM. The big wigs of GM walked off with big bucks leaving us with a little of nothing. NO!!! GM should not be given anything .GM just stop giving salary workers anything for hearing aids. The workers made the money for GM and they moved across the mighty Oceans. They will get what they deserve " NOTHING".
Unpleasant as it may be in our terrible financial situation, they have to. The government caused a lot of the problems that resulted in this mess, so they can't let the citizens involved suffer. It's that simple.
Absolutely not, the more you give them the higher their bonuses and the higher our national debt. Come on America don't fall for that propogander, write your representatives, not that it will help,after all were will they get their controbutions!!!
Dan from Pennsylvania
I think it's preposterous after all didn't they out source to other countries and leave American citizens out of work. Instead of building a hybrid vehicle for we the people G.M. built the hybrid Cadillac. Then they have the gall to come to the American citizens for a bail out. They need to go to the country where they have moved their production plants. We know that they have no loyalty to the United States which is the riches country in the world but they chose to be loyal to their cheap labor. The countries that they went to don't have what it takes to support them. Do you think they will like living in a third world country.
The gov't. should help the Big Three because it's partly to blame (trade policies) for making it hard for them to compete against foreign companies. Chrysler paid back their LOAN to the government in the 80's and we shouldn't give the Big Three a bailout, but a loan. The Govt. needs to ensure that the loan has a realistic repayment timeline. The US auto industry has built tanks, planes, during wartime and funds scientific reasearch in medicine,science and various other fields. Many other services and jobs depend on them and it would be disastrous if they failed. I never thought I would see the day when GM would consider buying Chrysler, but if things keep going downhill ,all three US automakers may have to form a new AMC to survive.
what would they use week old bread? i don't see them bail out me...
No Do Not Bail Out any of the Big 3!! Give the $$ to the people who loose their jobs there instead!!
As a soon to graduate mechanical engineer with family in Michigan, it would seem to be in my best interest to see the auto industry bailed out. I just can't get behind it though. The designers and heads of these companies have been bringing to market terrible cars for years now. The cars look bad, perform terribly, and receive the worst fuel mileage ratings in the world. They shouldn't be propped to continue producing a terrible product.
Why bother responding...my comments are always moderated and then deleted. I am always amazed that only comments who want to beat of the Republicans are the only ones of late you put on the air.
Oh by the way...save our auto industry...what for Obama is going to take care of us no matter what happens, starting with Redistribution checks and then health care like Congress has, fix social security...our problems are over Jack, Obama is here!
andrea from MA, please drive your Toyota to China and live there. It is amazing how many people are un-American. All of the American automakers produce quality cars. Please take a test drive, buy one, own one for years and years. Compare it to the foreign counterpart. Many people are disillusioned that the U.S. does not make quality and have probably not even thought about driving one in years. If you want to have that attitude, please join the Communist republic of China.
I think Obama's plan for assisting the auto industry re-tool to make world class energy efficient green cars makes the most sense. A straight bailout without that caviat doesn't make sense. We shouldn't be bailing them out so they can just go on building big SUV's that we can't afford to drive and they can't sell. They need to agree to make BIG changes before they get adime of assistance, not just an agreement for increase in gas milage by a few miles per gallon, but 45 miles plus per gallon, with low emissions. Mark in PA
Jack , Thats a tough call. The problems with the auto industry were largely self inflicted by their decision to produce gas guzzling behemoths at the expense of reliable , fuel efficient cars.
That being said , I think it will be neccessary to help them stay afloat just for the sake of the job market. This should be done however with some heavy strings attached. In exchange for a bailout they should have to agree to madated increased mileage standards by 2012 , an agrrement to invest heavily in aternative fuel research ,and should be required to produce at least %90 of the components that go into their cars here in the United States. Their stockholders won't like it , but who cares at this point ? This issue has more to do with the jobs of average Americans , not the investor class.
Dave in St.Petersburg Florida
Make it a high interest bridge loan like any other business would get!
The American auto industry has watched gas prices and gas shortages since the 70's and they refused to make more fuel efficient vehicles. It's not like they couldn't see this coming. I say "NO". No bailout for the auto companies!
What did FDR do during the Great Depression? Did he bail them out? I know the times are different now, but it worked back then. Maybe they should stop making petro-based vehicles. Henry Ford used his ingenuity and they should too. Let's go back to whale oil (JUST KIDDING), but you get the idea.
Jack, I have one simple question. Is this a free market? Then why the big three Auto Makers of the free market is asking the GOVERMENT for bail out.
So my answers is a BIG FAT NO!!!! Live by the free market. No one is has bail me out. I am crying for help.
Should the federal government come to the aid of the U.S. auto industry?
Yes! We need to actually make things in the US, and we can make cars!
Here's an idea for a boost to the auto industry that would help it and consumers. Instead of giving the money directly to the auto companies, give it in the form of large, very large, rebates to consumers who buy American made cars and trucks with above average fuel efficiency. A $10,000 rebate ought to spur lots of sales, and $10 billion would provide a million rebates. That should help keep production lines running, dealerships open, keep workers employed, spur consumer spending, and put more fuel efficient vehicles on the road. A win-win I think!
Only if Lee Iococa is in charge of the repayment plan.
How about bailing out us poor working "shmucks" first so that we can afford that car. I'm just a small home builder and I'm living off my savings right now because nobody is building. I need to upgrade some of my equipment but all I can afford to do is repair what I have and hope business picks up. I went from 8 full time workers to just 1 part timer. Sorry if I lack sympathy, but that's the way it is thanks to the "Bushies".
NO
I sympathize with auto workers who will undoubtedly suffer from the struggling auto industry; however, the government should NOT bailout out the auto industry or any industry until the American people get a bailout. No more corporations first, people last. In the old days of true capitalism, when companies were struggling it was because of poor management, overpriced products, or a combination of both. The auto industry needs increase fuel economy and lower prices, whether than asking the government for a check to keep their prices high and their cars polluting.
Absolutely not should we bail out the auto industry! We have got to start paying off our own debts and quit digging deeper. If we are going to that why not bail out all Americans that can not meet their home, auto and credit card obligations.
Hell NO!
I am trying to buy a car right now. I have a good, secure job, almost 700 credit score and have been turned down twice for a car loan. The car loan companies need to loosen their restrictions and lower their rates . My credit union offers 5% apr but turned me down.A third loan company approved me for 13.5% which I refuse to pay. I happen to be married and we still owe on our $150,000 home. Of course although I do not make house payments (my husband does) it is still counted against my debt/ratio. I maintain that is not fair . . . car loan companies should relax their rules. They are tighter/stricter than home mortgages!!
No. Let the auto industry, the UAW's pot bellied members, start working and paying for thier own medical expenses. Hon, Yo, and Knee aren't asking to "take money from the hard working and give it to those lazy Big Three, who are not, naw, ain't so big now. You see "hard working" citizens driving hither and thither with thier arms resting (profiling) on the top of the door, PROUDLY driving the vehicles from the Rising Sun Nation.
No!
Why is it that we're so willing to give billions to a business, but, if one mentions giving hundreds to the poor, we call it socialism.
Margaret
Louisiana
Yes! Consider the words of Japanese Admiral Yamamoto, commander-in-chief during World War II: “Anyone who has seen the auto factories of Detroit and the oil fields of Texas knows that Japan lacks the national power for a naval race with America.” Our auto industry should not fall!
Yes, the government bailed out Chrysler before and yes Chrysler paid back the government early. The cost of not heloing ot the industry will be devastating, you havent seen anything yet. The money loss from people losing there jobs from the plants, the suppliers losing there jobs. We need help.
No Jack, and they shouldn't have used taxpayer money to bail out the banks either. There are 3 million people in the US. How about this? Give each citizen a million dollars – that leaves 670 Billion not used. Each person could then pay off their mortgage, credit cards and school debt and buy health insurance and fuel efficient cars as well. Money flows back into the system – mortgage problem solved and our grandchildren are not on the hook for massive debt.
Why again now does the Auto Companies need bailed out???
I lost over 30% in my hard earned 401K. Inflation is taking a big bite out of my paycheck......I'd day at least 25%.........forget about the numbers the government tries to force feed us. Our congress made a major mistake in the first bailout program. Honestly, I don't care what they do anymore because they don't care how I care. I'm fed up with the whole pack of them.
RE: Ben from Michigan State –
I totally agree with you that there should be a LIVING wage in this country...I live in California, and OUR minimum wage is $8.00/hr., but it is a total joke to think that someone can actually LIVE on it. 26 years ago, I was able to make almost $10.00/hr. working for a public utility company (UNION job, I might add) – I was in my early 20's and thought I'd died and gone to heaven...then de-regulation hit, and I was soon unemployed – since then, I was extremely lucky to find a good career in the title insurance / escrow industry, but we all know what has happened to the housing market in recent years....I now find myself looking for work back in the $10.00/hour range at almost 47 years of age...this country needs good paying jobs...I hope and pray that President Obama can help out everyone!
Yes on hybrid and energy efficiency cars. ABSOLUTELY NO on other cars.
Should you give financial aid years in and years out for your son with a hope that he could qualify for medical school while he parties day and night and shows you that he is not smart and devote enough?
While Toyota starts selling hybrid, America makes Hummer! America’s car industry really needs new leaders with good vision (not lobbyist).
We can promise to give every person a Redistribution Check when they have paid nothing into the system, what's wrong with helping industries that have kept our nation alive for decades? Keep our jobs at home... that is what made America great in the first place.
Although I despise the CEOs of these massive, world destroying, tree crushing and atmosphere polluting car companies I see no other alternative to bailing them out. I hate what these companies stand for as well as their crazy addiction to oil and decades of hesitance to go green. However, to many jobs will be lost and our economy will be in even worse shape. Now is not the time to be concerned about the corruption and greed of these companies. We need to save the companies to save the jobs and lives of every day americans. Once our economy is stable, then give them the blow and say hey we bailed you out, now we have a couple things you better follow. This is where the government can step in to force the selfish companies like GM to start looking back at the electric car they once crushed and the other technologies that are rising and becoming more and more affordable.
No. Where does bailing out companies that make bad decisions stop. If the automobile industry can not make a profit then, I say let them fail. Some one would step in and purchase them and make a reliable car that people want without losing money .. GM financing arm, GMAC finance has for years been carrying GM. There is no reason for the American people to throw good money after bad. It would not be the end of the world to allow all 3 of these companies to fail. I understand that a lot of people would lose their jobs, but this does not justify bailing out these companies. GM needs to cut all necessary costs, advertisement, salaries for all and any other unnecessary costs. I am an accountant with 16 plus years of experience. I can show them how to make this company profitable.
I just thought of something. Give it to them only if they start making water cars–cars that run on water. They have them now and are working on getting a patent for them. Check it out.
Absolutely the auto industry should get help. I am hopeful that help will come from Obama. During the campaign when an auto worker asked Senator McCain about help, McCain snapped, "these jobs are gone and they are not coming back." Later as McCain got further behind in the polls he said he would rebuild the auto industry. When he lost the election we saw him drive off on vacation in his Toyota.
Thank God for Obama.
Yes if they build products that people want ...more energy efficient cars.
The Govt should partner with the auto industry to re-tool and accelerate the production of hybrid and alternative energy vehicles not only for commercial but government transportation. We need to divorce ourselves from oil and foreign energy. We need to initiate the framework for alternative, renewable energy sources in the US, builld a new energy grid, and produce alternative energy vehicles for personal and mass transit use immediately, because the use of oil for all of our transit services has become a national safety issue.
The problem goes far deeper than just the auto industry.
It's steel, clothing, automobile tires, ballpoint pens, baby formula, medicines, cell phones, computers, ....
The list is endless – and U.S. industry is rapidly putting us into the very same 'hole' we were in when we declared our independence from George III of England in 1776. Then, we relied totally upon England to provide our food, clothing,...
Later, we became an economic power with our Lowell, MA's and Pittsburghs and Detroits.
In similar light, we must now restore our manufacturing and employment base here.
It is up to the U.S. entepreneurial spirit of 2008 to declare war on our own George III (after Washington and 'daddy' Bush).
....and let the auto big shots go on another $$$$ junket.. Yeah right!!!!
I will say this, look at what the people who are from Michigan are saying. Yes it’s bad everywhere, but Michigan is falling apart, we are proud folks, and generally don’t like to complain, seriously if we are saying it’s bad, it’s really bad. Go drive through Detroit or Flint, and then tell me that we don’t need help. It’s not just the auto industry that would be helped, but the whole state of Michigan.
Any bailout should be tied to Detroit making cars that average 34 mpg (up from the current 24). This would:
-bring new responsibility to the industry
-make Detroit competitive in the world market
-save enough oil to make the ANWR a moot point
-make more jobs to retool the auto industry
Any bailout should exclude the auto industry lobbyists who are part of the reason Detroit is not competitive in the world.
ABSOLUTELY NO BAILOUT!!! I worked as a Manufacturer-Trained Technician for one of the three major US car companies. I had the first-hand experience to witness what a substandard products the US Auto Industry makes from design to assembly. The entire industry is based on supporting a product that has with a limited lifespan and overpaid workers all around. It is no wonder why the US consumer has finally had a enough, and choosing VALUE products from foreign competitors.
Jack,
No! We should not help them at all. They can see trends and they knew that alternative fuels were and are the way to go. The Auto industry fought increased fuel standards. Standards that would have helped them sell more cars in today’s high oil market.
Ford bought Volvo and Volvo was working on alternative vehicle. What happen to that car? Ask Ford.
As for the Union, they got rich and so did UAW members. The UAW contract cost pushed the price of cars and made them unaffordable low quality junk. You want me to help them Jack? No I can not.
Not providing assistance to the auto makers will be tumbling the first domino in a job-line were more than a million people will tumble.
The USA has a long history of giving to African nations, European nations and now we are pumping up Iraq... Let Iraq take-up their own slack and let's start helping American wage earners, but tell the Big 3 to quit making GAS Guzzlers. Get Green, get lean, but don't be Mean.
No Way!! It has been decades that U.S. automakers have been aware
of limited energy resources, and they have been negligent. By not
responding to vital issues of our times, they turned a blind eye to
the future of the auto industry. We owe them no bailout.
Jack
The big 3 are their own worst enemies. Lack of forsight combined with questionable leadership but Americans have not helped the situation. They continue to purchase foreign made cars thinking they are saving a few bucks but in reality every time we buy foreign made cars we hurt the economy and possibly cost Americans and Canadians jobs and likley contibute to the devaluation of real estate.
Americans and Canadians are notorious for failing to look at the big picture.
Heck NO. Give the bailout money to all the workers that this short sighted management laid off. Then they could start their own company. The American dream.
Yes, the government should help the U.S. auto industry. More importantly, the American people should start buying American products and less foreign products. We have more foreign imports and foreign owned than American. Where will we end up if this continues.
Zee
The best way to bail out the auto industry is to have Congress give every American a check to purchase a new vehicle. If you don't buy a new car, you can't keep the check. Everyone wins!
Oh, Heck No! If they hadn't gotten back in bed with the oil companies when they actually had a car that ran off battery power and JUNKED IT, Honda, Toyota and others wouldn't be ahead of the game right now. Who cared about us more... seems like foreign dealers did.
I think that the government should only bail out cars that handy like trucks and SUVs, but not Mercedes. I think we can survive without them.
I'm on the fence on this one. On one hand, yes to insure that people keep their jobs. On the other hand no because the idiots that run these companies rebuffed better mileage regulations, closed up plants and sent the work to other countries,took big bonuses and salaries and jacked the car prices up more than they should be.
Now they're crying uncle begging for help.
The only way they'd get it would be to give up their millions in salaries and bonuses and agree to an outside auditor to make sure the money goes where it should.
Toyota & Honda both produce better automobiles in the USA as we speak than " the Big Three ". Why ? Because the Japanese require their US workers to produce better transmissions, better engines. How ? More stringent clearances, measurements, products, manufacturing, etc. If we as " Americans " can't produce a better product in our own country, then it's time for " the Big Three" to " Bite the Bullet". Back in the 80's when Chrystler & Iocca borrowed millions, I wouldn't thought they'd learned then that they needed to start building better products. They didn't learn. Nor has GM or Ford. Wake up " Big Three"! Americans spend more money on Automobiles in our lifetime than we do our Homes, Today. If you want our money, then " BUILD A BETTER PRODUCT & Service your Customers Better. I'm an American. I want to see our companies make it. I'm self employed. If I don't out service my competition & do better work, then I'm out of Business. The same goes for " Big Three". Stop paying " Educated Idiots ", aka CEO's outrageous sums of money & Produce a competetive product. If you can't do that, then you deserve to go out of business. Change or Die , as they say.
Hi Jack If Goverment can rescue all the crooks at the Wall street. Why not the car companies. Yes? Isabella Ca
Jack, Why wouldn't we help save the American auto industry? GM alone directly and indirectly employs over a million people. They are on the verge of introducing several innovative alternative fuel and electric vehicles which would decrease our dependence on foreign oil. Besides all this, we just bailed out the wall street fat cats to the tune of over $700 billion. Should we not help the auto industry and the thousands of "blue collar" jobs at risk? Seems to me this is where we can truely help "main street".
Yes.....even if the automakers have bad credit, slow credit, or no credit!!
yes,bail out the domestic auto industry but require that top management be changed so that foward thinking people can be put in charge and maybe a new better industy can be created
I live in Ontario, Canada and we are directly affected by auto industry. Yes the fed. gov't needs respond to auto industry as long as it is going to respond to the wants of the public. EG: there is a waiting list for hybrid cars!!! Stop manufacturing the big gas guzzlers!!
P.S. My faith in U.S. citizens has increased 20 fold – they finally did something good for thier (and many other's) future by electing Obama. I also think they set an excellent example for "some" other countries, of how, in a Democracy, total regime change is accomplished without using guns!!