Yet another bail out on the way this time the big 3
By lilwonders
@lilwonders456 (8214)
United States
October 29, 2008 8:16am CST
Congress is debating on a bail out on the big 3. That is the big three auto makers. General Motors, Ford Motors and Chrylser. When will end? HOw much are we going to end up spending bailing EVERYONE out?
Can we really afford this? We are just digging ourselves a bigger and deeper hole instead of trying to fill it in. Our government just keep printing off money that we can back up. What do you think about this and how are we going to get out of this mess?
2 people like this
4 responses
@newtondak (3946)
• United States
29 Oct 08
When will they realize that bailing out these big companies is not going to jumpstart our economy. Until people have the money to buy their products, nothing is going to change.
@lilwonders456 (8214)
• United States
29 Oct 08
very true. I am not planning a new car anytime soon. who is? who can afford it.
@newtondak (3946)
• United States
29 Oct 08
Their excuse is that they need the money to revamp their factories to produce more energy efficient cars - the problem with that is that they've been shutting down factories right and left putting thousands of people out of work.
The major auto manufacturers have had the technology to produce energy efficient cars for years - some of the old technology that they no longer use is actually more efficient that the new fuel-injection computerized models.
So, the government is going to give them millions of dollars to produce these energy efficient cars that no one can afford to buy - how is that going to help the economy?
T. Boone Pickens has the right idea - we revamp our power systems to operate on wind and nuclear power, enabling us to redirect our fossil fuels for transportation. For a few hundred dollars, we can make the cars that we already own (as well as all the big trucks that transport the products that we buy) operate on natural gas - of which we have plenty.
@irisheyes (4370)
• United States
29 Oct 08
One way we can help pay for some of this is to take the tax credits to companies that outsource jobs and give them to the Detroit car makers that agree to make cars on American soil. Obama has also proposed to give tax credits to Americans who buy a hybrid car that is made in America. This would help the environment as well as the economy. Remember the auto industry, in spite of trends toward outsourcing within their ranks, has a track record supplying high paying jobs with benefits to Americans. It's about time Motor City got a little piece of the pie. It's been going to the high tech companies who using their bennies to build cricket fields for their employees in India.
Please note, I'm not saying that outsourcing should be stopped. I recognize thaat it is probably a necessary evil. But it should be viewed as such and the rewards whould go to the companies who can and do keep jobs in the US.
@soccermom (3198)
• United States
29 Oct 08
My dad just retired from 32 years with Chrysler, he was so glad to get out of there and off the line. I'm a little confused by why Chrysler wants to be bought out by GM. I haven't followed this much, but I thought Chrysler was the only one that was doing decent.
I can't say I agree with the government steping in to help these companies. They made their beds with the big SUV's while the foreign auto makers were paying attention and gearing more toward smaller efficient cars. The Big 3 had to see this coming, and here we are paying for it. However this is a huge employer in the US, so maybe they are thinking it will save jobs. I am surrounded by auto maufacturing plants, and the local economy has just been tanking with all the layoffs and shut downs, it seems all our manufacturers are tied into one of the Big 3 in some way or another.
@mokbul (616)
• Singapore
29 Oct 08
It is doubtful that any amount of bailing will work at all or not. USA economy is in deep recession takin along with whole world's economy. Now sems to be that nothing is working out, selling spree going on, stock market loosing capital in an unbeleivable rate. Dow cam down below 8000 point which was almost 24,000 about 1year before. USD dollar rate cut is going on and seem swill end at 0.
