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Should We Bail out Detroit?11 Votes
Description:The CEOs of GM, Ford and Chrysler flew to Washington DC yesterday in private jets to plead their case that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy. Yet, GM's private jet trip to Washington cost the floundering company an estimated $20,000 roundtrip. A seat on a commercial flight from Detroit to Washington was going online for $288 coach and $837 first class. Do you think the taxpayers should bail out the automakers? Discuss below.
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I don't think we should.
GM Credit Card
i have changed my stance. we have way to many jobs in connection with the auto industry. we have to stop them from tanking or were in a very bad place in a very dark world.
no. We bailed out wall street, did it help NO. no one is bailing me out or you for that matter. They made the mess let them fix it on their own. I will keep driving my 12 year old car.
NO way, not until the CEO's make an income based on how the companies perform and not until the workers, ie; rank and file stop living in la la land and think they are worth 78 bucks an hour with job banks, unbelievable pensions. Hey, I have an idea, look at the UAW leadership and trim back on their multiple vice presidents and take a worker off the line to make the marketing decisions. Get the old posion out , the leadership of both the unions and the companies, let the workers determine their own fate. The CEO's and Highly paid union bosses are the ones that have screwed up the industry, not the people who work for a living. We are better than the Japanese or Europeans we just don't get economics as well as they do.
I Vote yes
And ban imports from china
I voted yes.
They are the entire livelyhood of the entire state of michigan. without the big 3, michigan will surely go under.
i have to agree. michigan has a very bad economy in the usa. these guys go under. then we in some big trouble. if unemployment soars i fear unrest and soon anarchy.
Jobs are not there for their own sake. They are the result of some entrepeneur with an idea. If the idea outlives its usefulness, becomes outmoded or unprofitable, then it either changes or dies and something else takes it's place. Detroit is too costly for the rest of us taxpayers to support. Just become cost effective and out engineer the competition. You are American's, you should be able to crush the other guys.
i voted no.
if you havnt heard yet. GM used our bailout money to build a plant in russia. i dont feel like using our money for russian investment. while we are over here with a uncertain economy.
From the Huffington Post:
It appears that the Chinese car makers SAIC and Dongfeng have plans to acquire the Big 3:
A take-over of a large overseas auto maker would fit perfectly into China's plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he's in deep trouble.
At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China's more than $2t in currency reserves. For nobody in the world would buying GM and (while they are at it) Chrysler make more sense than for the Chinese. Overlap? What overlap? They would gain instant access to the world's markets with accepted brands, and proven technology.
you can forget about that. no foreign companies are going to take those companies. id never buy anything again.