| Government Bailout of the Auto Industry |
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Avino
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| Government Bailout of the Auto Industry |
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Currently there is consideration by the government to bailout the auto industry with as much as $25 Billion dollars (Rumor has it the big three execs met with Pelosi to try and get up to $50 Billion).
I am against bailing out GM, Ford, or Chrysler or any other industry for that matter. I understand jobs will be lost and there will be considerable harm to the economy if one of these companies fails, but we must let our market system work. They need to learn that if they want us to buy their cars they need to produce fuel efficient, reliable cars that people want to buy. Not new versions of the Hummer in a pick up truck style as GM has done.
Had Chrysler been allowed to fail as it should have in the 70s, GM and Ford would have got the message to build more fuel efficient cars. Instead the message they got was that they could continue to make inefficient cars because the government would bail them out if they got into trouble with consumers.
DO NOT USE MY TAX DOLLARS FOR YET ANOTHER BAILOUT OF THE AUTO INDUSTRY.
Companies like to be treated as citizens and claim rights under our constitution, so treat them the same as you would any citizen in extreme financial trouble, BANKRUPTCY!
Maybe someone can explain to me how a bailout of the auto industry would be a good idea and how it will benefit us all, perhaps then I might change my opinion.
~A.
Also blogging @ avinos2cents.blogspot.com
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Fri Nov 07, 2008 5:29 pm |
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MDz
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well, I mean I dont think necessarily that the auto industry should be "bailed out" just like I dont think freddie mac and fannie mae should have or should completely be "bailed out" because what this shows people is that it is ok to be irresponsible and just spend spend spend. People knew all along they were buying more home than they could afford, just because some one allows you to (the banks) doesnt make it right. So basically ya bail out the auto industry then whats next, bailing out small business who have to go out of business? Or bailing out the fast food industry because people arent getting fat enough?
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Mon Nov 10, 2008 10:45 pm |
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nkthen
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Somehow I do agree with the Avino.
If the companies have been making selfish money all these years, why do you want our money?
People have been crying out for fuel economy cars, lesser pollution, etc. and yet that progress has been slow.
It's karma.
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Tue Dec 23, 2008 5:02 am |
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LottomagicZ4941
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My first care was a GM. I was one of those proud buy American people.
My second car was and is a GM. But then I got financially raped to fix a car window!!!
Turn single works just enough the dealer doesn't want to fix it.
How about you take care of the people who buy your cars?
The best way to save the USA auto industry would be to make Japan our 51st state.
The bailout of the American auto industry is good money after bad.
You had patriotic Americans buying your product.
My 3rd car will probably not be a GM. Not all GM's fault but a GM dealer over charged me for a car window problem . . . .
I'm sure if I had boughten from a company with better quality the window wouldn't have been an issue.
Always boycot crud. Perhaps Ford might be worth saving but GM equals Gross Missmanagement in my book. You ripped off a patriotic American!!! Shame on you!!!
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Fri Dec 26, 2008 1:47 pm |
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singlemom
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I completely agree GM makes terrible cars an trucks. After a couple back cars with GM I bought a Ford 150 and have been happy ever since.
No wonder why GM needs financial help. If your product doesn't work who is going to buy it?
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Fri Jan 09, 2009 3:10 am |
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b3llar
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Auto industry is one of benchmark industry for country's general economic situation. At least a lot of people have similar perception about that. If source of fund for this boil out is coming from tax, its quite heavy to be accepted by citizens, actually. Anyway, some good points is there, such as bring positive wind to country economic, and leads to more positive business atmosphere.
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Sun Feb 08, 2009 3:21 am |
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jtownes
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The bailout should be distrubuted with care, after all it is our hard earned money, Reuters reports( http://news.yahoo.com/s/nm/20090217/bs_nm/us_autos_gm_tranche_2) -- that even before Washington has approved GM’s restructuring plan, the automaker is being given $4 billion in aid. “Ridiculous,” comments the Stock Research Portal Blog. ( http://www.stockresearchportalblog.com/2009/02/what-is-the-us-administration-thinking) The blog concludes, “If GM can’t wait for additional funding for even a few days while their restructuring plan is reviewed, what does that say about the prospects for GM to come out the other end of this as a viable going concern?”
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Thu Feb 19, 2009 4:51 pm |
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Offshore-Wealth.com
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| Auto Industry Back Already with Hands Out |
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Funny,
Even I expected it would take more than a month to see the auto industry beggers come back to the gov. for more money. With banking about to go under, it is about time to let the chips fall where they may, no one can stop the collapse of economy at this time. One by one whole countries are failing, so who will be next? With half of Mexico now unemployed due to U.S. economic collapse, Mexico may be next.
Good luck to all,
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Sun Feb 22, 2009 8:34 pm |
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saihemanta
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Thanks for sharing this, I am agree with your view that GM should build more fuel efficient cars.
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Tue Feb 24, 2009 12:13 pm |
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littleroc02us
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I agree. Let the free market play itself out for fear of nationalizing banks, car makers, etc... Can anyone say China....
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Thu Feb 26, 2009 6:54 pm |
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Avino
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GM lost nearly 31 BILLION dollars in 2008. No one is buying their cars, so they keep coming back to Washington asking for more tax payer dollars and the excuse is that too many jobs will be lost if they fail.
Quite frankly, at which point does it become more prudent to invest those dollars elsewhere, say infrastructure, or renewable energy investments so that we create new jobs.
My ultimatum to the car companies is this: Give me a car that can get at least 100 miles per gallon or 100 miles on an electric battery before using gas and I will buy your car, even if the initial price tag is a bit high. Otherwise my 2003 car (which is completely paid off) and that I maintain at about $400 a year is good enough for me.
And if you can't deliver a better hybrid car than toyota or honda, then you should fail.
~A.
Also blogging @ avinos2cents.blogspot.com
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Thu Feb 26, 2009 7:56 pm |
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thebeave
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A bailout will not solve the problem. IMO, we need to let them go and see what happens. I fear that a bailout is only prolonging the inevitable anyway. And for the record, Ford has not asked for a bailout whatsoever. I wish they wouldn't always include them in this. Everybody referrs to the "Big 3" but Ford is sitting this bailout thing out, which I find very commendible. GM is the big offender and Chrysler just seems kind of shady to me.
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Thu Feb 26, 2009 9:06 pm |
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jtownes
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Q: Why is President Obama’s administration bailing out auto suppliers to the tune of $5 billion “in advance of reaching a final decision on whether it was going to approve Chrysler and GM’s respective restructuring packages”? A: “The U.S. Administration in the end has no interest in seeing GM and Chrysler being pushed into Chapter 11 proceedings.”
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Mon Mar 23, 2009 5:53 pm |
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jtownes
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Why is the U.S. auto industry in such bad shape? It comes down to credit, says the Stock Research Portal. “In the current economic environment, lenders of ‘floor plan credit’ apparently have pulled that credit back, leaving auto dealers to finance their inventories out of their own capital. This is resulted in the auto dealers – who have had a ‘free financing ride’ in good times, all of a sudden having to take a greater financial risk on their car and truck inventories.”
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Mon Mar 30, 2009 7:35 pm |
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littleroc02us
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Maybe they will actually make better decisions on what to carry that will actually sell.
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Mon Mar 30, 2009 7:39 pm |
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