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Wednesday, November 12, 2008

Auto Bailout

U.S. Automakers get vocal about getting a federal taxpayer subsidy bailout.

It's just not the U.S. either. Canada is eyeing a bailout for its auto industry.

The Bailout Line forms to the Left.

The American auto industry wouldn't need a bailout if they didn't face such harsh environmental and so-called cafe standards imposed by the government. The evidence for this is that American auto-makers' sales thrive in foreign countries.

Perhaps the most beneficial thing Congress could do is relaxing the onerous regulations faced by GM, Ford and Chrysler. Instead, Democrats prefer saddling the taxpayers with another bailout.

I'm against it. I was against the first Wall Street bailout. The line of companies asking for a federal bailout grows longer every day. We can't continue doing this. The same applies to another stimulus package - taxpayers can't afford this.

Whatever happened to that great phrase frequently quoted by The Left that they now never speak: "Pay-go," as in pay-as-you-go. It's amazing how quickly The Left has abandoned that phrase.

Future bailouts of any industry, and talk of another stimulus package, are issues that Republican politicians should be against. They can pick this up and run with it if they want to, it's in their hands. My guess is that they will wuss-out and go along with the Dem Majority. For those of you who think I never criticize Republicans (and I do), there you go, I just did (again).

Where do you do you stand on the auto industry bailout?

Before answering, read Analysts: Bailout would send GM stock even lower.

And are you for a second stimulus package?

©2008

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Comments:
No more bail outs. We're already seeing the lines forming by companies wanting handouts. Gotta nip it in th bud.
 
EC,

Agree with you completely. The first bailout is history, but it needs to stop there.

Did some Democrat say "pay-go?" ;-)
 
Bailouts are not only unnecessary, they are dangerous. We have bankruptcy laws to protect people and individuals when their own poor investing and earning decisions cause them to fail.
 
I agree Arc. The bailouts have to end. If any company or industry has to file for bankruptcy, that's how the cookie crumbles. The American taxpayers cannot keep bailing out failing businesses.
 
When you file for chapters 7 - 11 - 13 etc it protects you from creditors and allows your obligations to, 1) get paid to the degree that they can, and 2) Stop accruing more obligations.
Hence letting the big three file for chapter 11 protection will get them out from under the biggest obligations that they have, namely the healthcare and pensions obligations that their UNIONS have forced down their throats.
 
Yes, Arc. Secured creditors will be paid first and the unsecured creditors will take an acid wash bath. Unions have come a long way from being fair and looked out for worker safety, overtime pay, etc (all very noble things) to today, where they are simply greedy.
 
That's what happens with a movement. Any movement eventually turns into a bowel movement. Women’s suffrage, civil rights, hell even the republican revolution. Power corrupts, and eventually what started as a movement against the establishment, becomes the establishment.
 
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