Should we bail out GM and the other two of the so called big 3? I feel for all of the employees and retirees, I feel for myself because I have a feeling a wheel mfg. plant here in town will go down thus affecting the local economy (plus flooding the job seekers whom would like MY "other" job such as it is). It would create a huge economic downturn to add to the already poor economy see above, dow keeps going down, down, down. My husband who has his own truck and delivers food all over the US might even be affected because people just won't be able to afford as much fresh produce and meat which is what he hauls. I also have a distant cousin that works for Chrysler as an engineer and is still keeping his job although there have been cuts.
On the other hand I don't make much more than minimum wage, partly because I was VERY sick a couple years ago and didn't know how well I could work and the job market was already going bad in June, two years ago I could charge double what I'm making now and that was just for freelancing!! I hear about these union workers who glue carpet on the floor of a car and get $78 an hour and I want to save them? Then I hear about the ceo's of the automakers flying in 3 separate private jets to BEG for money from Washington? That shows me and the rest of the country that they will just use the money to continue in the same manner. When my husband got back into trucking and diesel went up up up the government didn't step in and save all the small trucking companies or any of them if I recall. It was called capitalism and free market, even though the big trucking companies had bought diesel reserves @ much lower prices when they saw what was happening and kept the rates low to cut the competition out. Plus with the reports on how other car makers such as Nissan have lost between 25% and 33% of their sales when they have the fuel efficient models it makes me wonder HOW the Cadillac Escalade (as much as I love em) and other big 3 products are going to sell enough to pull the big 3 out WITH bailout money?
So what's my opinion, not that it matters? It may be painful, VERY painful but let them fail. After the AIG (bail out insurance??, the people who's business is to make sure your life is miserable? I don't think SO) fiasco and no to little accountability for the banks that have received the bailout money it's time to stop the drain. This means I have a caddy and a ford that I may not be able to get parts for and I'm not sure what happens to my extended warranty but it also means maybe the big 3 automakers can come up with another option that may involve bankruptcy or just going under.
On a side note some are saying shut down Wall Street till January 2, 2009, might not be a bad idea? Shut it down! Now!.
Other news sources:
CNN
Drudge Report
Democratic Underground
Found this later: No need for bailout, say diners near thriving car plant, so I'm not all wet?
Ok, I'll quit editing this but here's a link to the CEO's and their jets: Big 3 and their jets, slideshow!
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