Comments on: Weigh In: A Bailout for the Auto Industry?

By: Sharon

Sharon — Wed, 12 Nov 2008 20:54:59 +0000

Please- Wakeup!!! Do not bailout these pinheads in Detroit. They made this mess. Let them lie in it. Do no put our children at risk!

By: Ray in PA

Ray in PA — Wed, 12 Nov 2008 20:31:23 +0000

I think the premise is wrong… The auto industry will need assistance for many years not just bridge loans until 2010/2011 and the arrival of electric cars. First of all, with 9%-10% unemployment, you is going to buy these $40k cars? And how many will be sold? Probably not enough to revive the industry for several years out (unless the government is going to give taxpayers a free electric car in return for taxpayer investment in the auto industry now).

By: Ray in PA

Ray in PA — Wed, 12 Nov 2008 20:16:43 +0000

Bailout maybe…
First, union workers must take a pay cut so they make no more than $50k/yr (median US household income). Executives can’t exceed $250k.
Inefficient plants must be shutdown and others consolidated.
Nobody gets paid to stay at home and not produce. If you’re not producing cars, you should be attending skill improvement classes at work.
Surplus car inventory should be donated to active military families serving in Iraq or Afganistan (first, those with deceased members, then wounded members, etc.).

With economists telling us 2009/2010 may be bleak (8.5%-19% unemployment), we’re going to need money to save States & Local governments, pension/retirement plans, and other key industries. We can’t blow it all on continuing to keep an inefficient car industry doing business as usual.

By: tim jones

tim jones — Wed, 12 Nov 2008 20:06:56 +0000

My tax dollars should not be used to help out the 3 auto companies unless the union contracts are renegotiated to be similar to other industries. Simply helping the auto companies just encourages them, and the UAW, to continue down the same ruinous path. For too long the union emplyees have been able to extract benefits which have been exhorbitant so why should taxpayers continue to fund these same benefits.
Further more before my tax dollars are to be used these executive salaries and their bonuses must reflect the conditions they are in and strategies must be tailored to where cars need to be to gain market share with respect to quality and consumer needs.

By: Rightwing007

Rightwing007 — Wed, 12 Nov 2008 20:01:11 +0000

BTW forced unionization should be against the law….talk about socialism at its extreme!

By: Rightwing007

Rightwing007 — Wed, 12 Nov 2008 19:58:44 +0000

NO, NO, NO! Corporate CEO’s making outragious salaries? Unions that want, want, want at no matter what? Let them sink! I am tired of my money and having it go to bail out corporations and banks! If I go bankrupt due to ineptness, will the government come and bail me out of a mess? NO! Survival only goes to those who are well prepared!

By: Tim

Tim — Wed, 12 Nov 2008 19:56:45 +0000

Yes! It’s unfortunate but, how is this any different than the financial bailout? The automotive industry is a core industry that has both direct and indirect impacts on the global economy.

The failure of the financial industry was a result of poor government regulations and risky ventures. The automotive industry failure has been more about downward market drivers and less about poor strategic discs ions.

Another thing to note, much of the current automotive distress has been a result of the failure of the financial system.

By: Kathy

Kathy — Wed, 12 Nov 2008 19:53:08 +0000

Absolutely NOT! They should have to sink or swim on their own. If they can’t make a decent car that is affordable and people actually want to buy, let them go down. The UAW brought this situation about by thinking they deserve life-time employment, fully paid health benefits and a huge retirement package. Let them take pay cuts, pay more for benefits, just like everyone else when faced with financial crises.

By: Earl

Earl — Wed, 12 Nov 2008 19:52:08 +0000

The Big 3 should be allowed to go bankrupt and then be allowed to restructure under a “business model” which would be quite a departure from the current social welfare scheme they currently have drifted into. The autos/trucks they are trying to sell today are price burdened with the costs of benefits paid to employees who have not worked in as much as 20 or 25 years in some cases.
When I retired some years ago from a large, multi-national American Company after 30+ years of employment my retirement package included company paid health benefits and life insurance. After 6-8 months the company encountered severe financial difficulities and I received a letter stating they could no longer afford to pay for those benefits. I was given a grace period of about 6 months to find my own coverage and the company benefit expired. I’ve made it just fine! I was mad at the time but I got over it and Detroit should get over it too.

By: Eric

Eric — Wed, 12 Nov 2008 19:51:42 +0000

At the end of the day, bail or no bail. They still will not make vehicles people will buy. For years, they produced sub-par, unreliable product. Let them fix this on their own.