Years and years later (since the Chrysler loan) after a huge financial melt down , the big three are in trouble as are every auto maker in the world. You don’t let an entire industry go down if you can help it-especially one as important as the auto industry. We must have more manufacturing-not less. Maybe you think Citi or AIG can produce something other that credit default swaps and get us out of this mess. I don’t When autos come back and they will, the pent up demand will really help this country. It was the war that got us out of the 32 depression-manufacturing for the war...autos may serve the same function this time. The big three will help turn this country around. When this happens perhaps you will acknowledge, the loan was a very good idea or not....as for Chrysler the loan was repaid and the taxpayers actually made money on the deal...it was not a bailout anymore than the current loan is a bail out.
I have never been proven wrong about the industry going down...you merely refuse to accept the truth...it would go down and permanently. I have talked until I am blue in the face about Suppliers and their issues. Those of you who hate the big three merely refuse to accept the truth. Haven’t we given enough jobs away? Do you want Dems to win Ohio and the Mid West forever? No GOP president has ever been elected in the 20th or 21st century without Ohio.
They did not merely give tax breaks to the transplants...they gave them cash to build their plants in many cases...the government got the money from taxpayers...they can only take what we give them in the form of taxes. Mississippi it totally screwed. They gave millions and millions to Toyota for a new plant...not going to happen-indefinite hold...guess what Mississippi will not get the money back; there pols trusted the Japanese-big mistake. If the recession continues, it’s only a matter of time before these transplant operations cease to operate anyway-all that bailout money down the drain. Now that’s socialism. Come on where will it end...now white collar banking jobs are going overseas...can’t you just look around and see the current economic plan (assuming there is one) is a dismal failure?
As for what’s good for the country...I have a different take. I think having an auto industry is very good for the country. I think many (not pointing fingers at you in particular) are suffering from union derangement syndrome and would be willing to send this country into a depression in order to kill the big three-thus killing the UAW.
Socialism is NEVER good for the country. Again how much better shape would GM be in if they’d had the sales increase the last 25 years from not bailing out Chrysler?
Citi and AIG and Chrysler and everybody else that’s gotten a bailout should have been allowed to fail. Let capitalism do what it does, failure provides opportunity for others.