Should GM be bailed out?

[ntsammy5]

... and through association Ford and Chrysler. Most everyone here is very attached to their vehicles and probably has an opinion about this.

Having GM go out of business will probably force Ford and Chrysler out too because of the connectivity of all the parts manufacturers and national unemployment will end up will who knows where - 15%?

In the long run it may be best to let things fall where they may, but there are compelling reasons for a bailout. I have mixed feelings about this.

How do you feel?

 

[PolynesianPixie]

I have mixed feelings too. This has sort of a downward spiral effect, so I guess I'm for it...although it pains me to say. I want to keep big business in the states...I also want to see those new fuel efficient and alternative fuel prototypes have a chance at succeeding so we aren't funding our enemies.

What I don't want to see are higher level execs who all ready bring in the big bucks, despite what business is doing, get obscene bonuses funded by tax dollars when the average Joes are just scraping by.

 

[ftwildernessguy]

I fall into the mixed feelings category. While I understand the need to preserve the employment levels to prevent more severe economic problems overall, I am no fan of bailing out a business due to poor business decisions and poor management. I wonder, too, if the situation is as bad as the companies are implying, or if they are painting a bad picture in order to get in on the government bailout? Now airlines are whining and talking bailout - where will it end?

 

[Abagpiper5]

As of right now, I say NO to bailing anyone out.

The banks have not used ANY of the money given to then to help anyone’s foreclosure, so why would anyone think that any other business would be responsible with our money?

As of the other day, they are lending out 2 trillion dollars of OUR money and will not tell us who or what country they are giving it to.

AIG with the $300,000 party and the financial companies still wanting to give bonus’s out to their people so they don’t lose them is ridicules too. I say let those people who cry that they didn’t get a bonus because of poor performance walk. With this bad economy, who is going to higher them?

As for the Big 3, I believe they are making the problem bigger then it really is. With all the current cars on the roads, there will still need to be a market for replacement parts. Let’s face it, 20K for an average 4 door American car is way pricey. GM killed the electric car for the Hummer, and we all know what happen to the Hummer.

I know, I am sorta all over the place with this post. Sorry.

 

[AuburnJen92]

I will have to fall in the mixed category as well. The unions and high paid execs have driven up the price of making these cars sky high and the quality has plummeted over the years. I would like for GM to have a very low interest loan that they have to pay back, like when I had from the Small Business Administration to help defray the massive deductible I had to pay for my claim during all the hurricanes. If they know they are going to have to pay it back and have to restructure in the process, that might give them some incentive to change. It might not. I understand there are people that are in favor of unions, but I do believe that today much of the work is getting to the point of automation and they are paid based on a line of work that has changed and the pay for it should change as well. I know it sounds really harsh, but it is reality. They are getting paid for work based on a 1940's through 1970's work line with hard physical labor. I feel that cars have been priced out of the average joe's pocket because of the unions' cost in making the cars in the first place. JMHO.

 

[vick]

My husband gets a retirement check from GM every month. He worked for Delphi, a company that once was GM. When Delphi went bankrupt, he took early retirement because of the plant closure. Since GM pays his retirement every month, I have to hope they stay in business.

 

[big kahuna1]

I say no bailout. I believe the Big 3 need to merge and become the Big 2 or Big 1. Then the first thing they need to do is renegotiate the Union Contracts and Executive pay. If the Unions do not want to renegoitiate then give the workers a choice...negotiate or get fired and replaced. Same for the execs. There are plenty of people who will take there jobs and learn them. Then they need to Dump the mfg. of the non-money making auto's of all three brands and also look to the future with a line of more efficient auto's but I still think there is a market for some of the muscle cars and tow vehicles. They need to do this to remain profitable and competitive. They will have to close some plants down and some will lose their jobs but we cannot keep bailing out companies. Heck, I could use some help here but I have to do it the old fashion way....cut expenses. Bailing them out has been done once already and it did not work, apparently.

 

[loveDmouse]

I have mixed feelings too.

Personally I feel they should have not done a bail out at all. They should have let things fall where they may. Those bad eggs caused the problems in the first place. Why should us tax payers help bail them out? They aren't even really accounting for what these companies are doing with the money. For example PNC who has received a lot of money is shutting down some banks locally but gobbling up other banks with that money. That doesn't seem right to me.

I feel like the automakers should be helped before the other idiots.

 

[auntie]

There are so many jobs and pensions tied to the auto industry. It can't be a good thing to see GM go under. The government has thrown money away on the airline industry a couple of times. I have to think that bailing out the auto industry will save "Main Street" Americans their jobs. Of course I'd like to see a comphrensive plan..and how exactly the money would be spent. Do we even know how this Wall Street bail out is being parcelled out?
It doesn't seem fair to bail out Wall Street..but let the people of this country who build our automobiles fall by the way side. I'd also like to see a tarrif on imported autos, making them more expensive to buy. Giving the American auto maker an edge with American auto buyers. How about making it so that the parts for these auto's also have to be made in AMERICA.

 

[~Kristina~]

Part of me says no because the government isn't suppose to be bailing companies out. But the other part knows that it would kill Michigan for good.

 

[bigdisneydaddy]

I think GM is trying to use the current economic and social climate to rid themselves of their legacy costs by making the situation seem more dire than it really is.
Their lack of foresight in funding their legacy costs is akin to what the government has done with social security.

 

[g8trmom1]

I say no bailout. I believe the Big 3 need to merge and become the Big 2 or Big 1. Then the first thing they need to do is renegotiate the Union Contracts and Executive pay. If the Unions do not want to renegoitiate then give the workers a choice...negotiate or get fired and replaced. Same for the execs. There are plenty of people who will take there jobs and learn them. Then they need to Dump the mfg. of the non-money making auto's of all three brands and also look to the future with a line of more efficient auto's but I still think there is a market for some of the muscle cars and tow vehicles. They need to do this to remain profitable and competitive. They will have to close some plants down and some will lose their jobs but we cannot keep bailing out companies. Heck, I could use some help here but I have to do it the old fashion way....cut expenses. Bailing them out has been done once already and it did not work, apparently.

Steve for President!!

 

[drafthorsecrazy]

My husband gets a retirement check from GM every month. He worked for Delphi, a company that once was GM. When Delphi went bankrupt, he took early retirement because of the plant closure. Since GM pays his retirement every month, I have to hope they stay in business.

My husband also took early retirement with GM because he was afraid of what would happen with Delphi taking over our local plant. So I also have a very personal hope for the survival of GM. With that being said, someone needs to get control of the EXCESSIVE top executives salary and bonuses. Why are they patted on the back and given bonuses for not thinking ahead and taking care of business? Retirees should not suffer for the top exec's shortsightedness. I don't think even Walmart has enough door greeter jobs to offer to all the retirees who would be searching for supplemental income should GM--or any of the big 3 fail.

 

[Justin the Hook]

No bailout, When did it become required of the government to make things right? GM, Ford, and Chrysler all made their beds, they should have to sleep in them. This is one point that you could never turn me. There is no reason that anyone should help them.

 

[3gr8kids]

I say no bailout. I believe the Big 3 need to merge and become the Big 2 or Big 1. Then the first thing they need to do is renegotiate the Union Contracts and Executive pay. If the Unions do not want to renegoitiate then give the workers a choice...negotiate or get fired and replaced. Same for the execs. There are plenty of people who will take there jobs and learn them. Then they need to Dump the mfg. of the non-money making auto's of all three brands and also look to the future with a line of more efficient auto's but I still think there is a market for some of the muscle cars and tow vehicles. They need to do this to remain profitable and competitive. They will have to close some plants down and some will lose their jobs but we cannot keep bailing out companies. Heck, I could use some help here but I have to do it the old fashion way....cut expenses. Bailing them out has been done once already and it did not work, apparently.

Right on

No bailout, When did it become required of the government to make things right? GM, Ford, and Chrysler all made their beds, they should have to sleep in them. This is one point that you could never turn me. There is no reason that anyone should help them.

Exactly.

Although I really do feel for the average joe that would lose their job, I'm sick of it being so easy for big corporations to get help at the taxpayers expense. How 'bout getting rid of all the "executive fat" at the upper management levels and after that start cutting back on spending and tightening the belts?

I would like to know to whom do I address MY "bailout request" letter to, and when should I expect my check?????

 

[des1954]

What Big Kahuna said.

They made their beds, now let them sleep in it. After the Enron fiasco, aren't pensions supposed to be in protected accounts now?

An A.P. article published this last Monday said it is estimated that the price of every U.S. vehicle includes $1500.00 worth of just union wages and benefits. The article didn't dare go into what amount of the vehicle cost could be attributed to the exec's.

Greedy attitudes got the companies into this mess. They should have saved the money they robbed from the consumers so when their company went under they'd have something to live on.....not to further rob consumers by expecting bailouts with our tax dollars.

 

[Justin the Hook]

Right on



Exactly.

Although I really do feel for the average joe that would lose their job, I'm sick of it being so easy for big corporations to get help at the taxpayers expense. How 'bout getting rid of all the "executive fat" at the upper management levels and after that start cutting back on spending and tightening the belts?

I would like to know to whom do I address MY "bailout request" letter to, and when should I expect my check?????

My bailout request will never be met. The government always forgets about the "working" middle class! Businesses close, middle class gets hurt. The Government socks money aside for programs, middle class gets hurt. We are the consumers and yet everyone always forgets that. We are the reason companies make money, we buy the products, we move the products to the stores, and in rare cases now we make the products. Yet we are also the ones that are going to be paying higher taxes because of this. So not only will you be paying your sales tax on your products, you will also be paying more money out of your middle class pay check to pay for these bailouts. I am tired of footing the bill for everyone.

 

[jugman]

It doesn't matter what I think anymore, because those great and mighty rulers ,that just got elected, are going to do what they want to anyway. We don't have leaders anymore, if anyone noticed, we have got a new ruler come Jan.

 

[auntie]

My husband and I watched the news two nights ago, about the banks..Citi and another who are contacting those that are behind on their mortgages about restructuring..and even reducing the loans if they are more than 38% of their income. We're lookin' at one another, and thinking...what about the regular Joe ..who didn't get in over their head. Who said "no" we can't afford that. The ones like us..just pluggin' along, paying our mortgage. No one's giving us a break on anything. I don't hear my bank calling us up and thanking me for doing without and paying the mortgage. Nor should they. It just seems to me that the big wigs on Wall Street get a bail out..the folks that got in over their heads(and in my opinion..should have known better) they're getting a bail out. Us...regular folks... we foot the bill.

 

[Mmketeer]

I say since we spent the money to bail out AIG (even though they didn't deserve it in my opinon), we should definitly bail out GM etc. How can we buy American and support American made products if we lose these great workforce industries like GM? Besides I have been waiting for almost 8 years for the new Camero to come out!!!