I might be older than some of you people, but didn’t the govt loan Chrysler money in 70s and didn’t Chrysler pay it back?
It was reported they paid it back. I never saw any proof. I believe it was Lee Iacoca that turned Chrysler around, no?
I well remember that loan, and Chrysler still deserves to die. How will our auto manufacturers ever learn to plan for the future and make their businesses more efficient if taxpayers bail them out? I’m speaking as someone who owns Ford stock and will likely benefit from this.
What would happen if we just let them fail? Would auto manufacturing disappear from N. America? No, it would not. Other manufacturers would buy up the remaining assets, and we’d likely get better autos in the long run.
BTW, have you looked at the amount of debt these auto makers already have? Using your line of thinking, maybe we should just open up a line of permanent credit for them so they can operate in the red forever like Amtrak.
What’s wrong with private forms of financing. After all, they should have no problem getting the loans if they’re a safe bet, right?
Yes and yes. I'm not big on government bail-outs, but it was well worth it, and those who bought Chrysler stock at $6 made a big pile.
Every dime plus interest.