I've been talking to people about the automakers situation. Why don't the big oil companies bail them out. There biggest contibutor is the automobile industry. The gasoline compaies made billions of dollars, in profits, this year. There profits were record breaking. Charging us almost $5.00 a gallon last summer. Now prices are at $1.80 a gallon. come on! I haven't seen a drop in traffic around town, traffic is still heavy.People are still driving alone. The 134, 101, and the 405 are stlll conjested.
I remember back in the 70's. When gas went from $.35 a gallon to $1.00. There were gadgets everywhere to extend gas mileage. They also disappeared as fast as they came out. The oil companies bought them up, and threw them away. So that people would use more gas. Now we are on the verge of new technology will we ever see an electric, solar, or hydrogen vehicle. Or will they snuff these inovations too.
So in away the gas companies are reponsible for this situation. We used up all are money on gasoline to get around in our big SUV's. Now we can't pay our mortages.
Gas prices have dropped, but food and other materials have not.

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Deborah

http://termlifeinsurance2.com

Good one Steve P.!!

Excellent analogy of the big 3's bigger plunders!!

I received this via email but I think it's a great example of the "BIG 3" handeling of their companies...

AN American Business Story!

A Japanese company ( Toyota ) and an American company (Ford Motors) decided to have a canoe race on the Missouri River . Both teams practiced long and hard to reach their peak performance before the race.
On the big day, the Japanese won by a mile.
The Americans, very discouraged and depressed, decided to investigate the reason for the crushing defeat. A management team made up of senior management and union leaders was formed to investigate and recommend appropriate action.
Their conclusion was the Japanese had 8 people rowing and 1 person steering, while the American team had 7 people steering and 2 people rowing.
Feeling a deeper study was in order; American review team, hired a consulting company and paid them a large amount of money for a second opinion.
They advised, of course, that too many people were steering the boat, while not enough people were rowing.
Wanting to prevent another loss to the Japanese, the American rowing team's management structure was totally reorganized to 4 steering supervisors, 2 area steering superintendents and 1 assistant superintendent steering manager.
They also implemented a new performance system that would give the 2 people rowing the boat greater incentive to work harder. It was called the 'Rowing Team Quality First Program,' with meetings, dinners and free pens for the rowers. There was discussion of getting new paddles, canoes and other equipment, extra vacation days for practices and bonuses. The pension program was trimmed to 'equal the competition' and some of the resultant savings were channeled into morale boosting programs and teamwork posters.
The next year the Japanese won by two miles.

Humiliated, the American management laid-off one rower, halted development of a new canoe, sold all the paddles, and canceled all capital investments for new equipment. The money saved was distributed to the Senior Executives as bonuses.
The next year, try as he might, the lone designated rower was unable to even finish the race (having no paddles,) so he was laid off for unacceptable performance, all canoe equipment was sold and the next year's racing team was out-sourced to India .
Here's something else to think about: Ford and GM has spent the last thirty years moving all its factories out of the US , claiming they can't make money paying American wages.

TOYOTA has spent the last thirty years building more than a dozen plants inside the US. The last quarter's results:

TOYOTA makes 4 billion in profits while Ford racked up 9 billion in losses.

Ford--GM folks are still scratching their heads, and collecting bonuses... and asking me to bail them out? Where's my bail out.

BTW Have you looked at the faces of these smug ........ from the big 3, on the photo that Eric posted with his blog? They are so trying to pull the wool over American eyes!

Yes I agree with you Craig ...why doesn't the oil companies make a loan to their partners in crime... the auto industry. The oil companies gouged us with outrageous gas prices for years while the auto companies refused to make energy efficient vehicles for us to buy even though they both knew they were ruining our air quality and the earth's ozone layer!!

Look closely at their faces the truth is written all over their smug faces!

Hey Craig & Jared,

Sorry I've been away from the blog.

Thank you Craig for your reference to my idea that I posted a few threads ago. My idea was to give us all including husbands and wives $1000 each for every year we have worked in the US. That would definitely help the “real Americans” (to coin a phrase from the republicans).

We need to fix this country by helping all of us... not just the rich corporations and wall street.

And Jared your question where does the money come from? The same place that the billions they are giving out right now to all the other recipients that have their hand out for the bailout, comes from. Where is that money coming from??? And yes Jared if they can print money to help AIG, the big 3, the banks, Wall Street, why not print money to help Main street?

You mention that your business is still doing fine right now. That's great and I am sincerely happy for you. but what if your business had tanked right now like so many other businesses have. Would you still say don't create more debt by helping more people? What if you too were struggling right now??? Wouldn’t you want help if the government is in the business of helping businesses also??? I believe if regular working people are suffering from this recession? ...it’s not a recession they just don’t want to cause anymore fear than is already rampant. This IS a depression! And too many people are suffering...if the government is helping a few why not help us all...are we less American? Are we less important? I believe the government must act fairly to all in everything they do....and to me this Bailout is not fair to all ...just to a few -the rich...or the comfortably employed.

Yes my vote is to fix the economy for all not just a privileged few!

Eric
their is a lot of good points in this blog you should have a speical report on this no just a two minutes. remember the That Ford Advertises in the morning news. What happens if they stop to your employees?

Louis

What will this loan to auto makers do for the 1 out of the 10 now?

Record 1-in-10 Americans in mortgage trouble
Many at least a month behind on their payments or in foreclosure
The Associated Press
updated 11:22 a.m. PT, Fri., Dec. 5, 2008
WASHINGTON - A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier.

Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment.

Employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, the Labor Department said Friday.

"Now it's a case of job losses hitting more across the board," Jay Brinkmann, chief economist of the Mortgage Bankers Association.

The U.S. tipped into recession last December, a panel of experts declared earlier this week. Since the start of the recession, the economy has lost 1.9 million jobs.

Job losses are already having an impact in rising delinquency rates for traditional 30-year fixed rate loans made to borrowers with strong credit. Total delinquencies on those loans rose to 3.35 percent in September from 3.07 percent at the end of June, the Mortgage Bankers Association said.

There were some modest signs of stabilization. The number of loans that entered the foreclosure process totaled 1.07 percent of all loans in the third quarter, flat from the second quarter.

Though that number likely reflects changes in state laws that delay or extend the foreclosure process and efforts to work out or modify loans that could still fall back into foreclosure.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
URL: http://www.msnbc.msn.com/id/28069420/

Craig and PLM

But where is the money going to come from?

So are they going to print it and devalue the current value of the dollar so we have inflation and the price of item go up or do the borrow more money from another private entity which will be debts on the backs of our children and grandchildren?

Either way it is going to cost the people who were told to spend, spend, spend more money. Get more and more in debt....

And what are they telling us to do now spend more and more.

All in the while we don't produce products anymore and ship our manufacturing outside the boundries of the country so that there could be more profit.

We are going back to the feudal system where the bank owner are the maters and we are their debt slaves.

wadada

Actually PLM, the original BOM according to bumbling outgoing Treasury secretary Paulson was for the banks and lending institutions only. He had insisted on several occasions that none of this money was earmarked for the auto industry. However, then banks receiving all this money should be lending the money to us or the auto makers to get the economy moving instead of acting like "vultures" and hording the money. As usual the government screwed it up and should have trusted the people and got the economy moving from the bottom up like you mentioned PLM and like Obama has mentioned in many of his speeches. TRICKLE DOWN THEORY HAS PROVEN TO BE DISASTROUS for every one except the one percent richest Americans. Let's try the "Boost up economic plan" where the BOM goes to the taxpayers that have been squeezed for years by corporate greed and wasteful and misappropriated government spending. PLM-go back to the plan you had on another thread - Tax payers will receive a check that will be $1,000 per every year they have worked and paid taxes. So if you worked for 25 years you would get $25,000 and if you are a married couple and each worked the same amount of time, you would have $50,000 to help pay off a big bill, put a down payment on a house with a proper decent legal low rate affordable loan, or buy a new or good used car or mahor appliances, ect.. that would help stimulate the economy.
Why aren't the rich oil companies stepping up and bailing out the auto makers? The auto makers made those inefficent gas guzzling pollution causing monsters to increase the oil profits, where is the "love" coming back from the oil companies? It is all a "look out for yourself", "swim or drown" philosophy perpetuated by the Bush administration.
If our country truly followed the "Christian" principles that we are our brothers keeper and "what you do for the least of my brothers you do for me", our country would not be in this mess!

If I'm not mistaken the big 3 was part of the original bailout package. I believe they already received a huge check. Sorry haven't had time to look up the recipients of the bailout and dollar amounts.

But this is my concern. MANY American's are having the worst time in any of our financial lifetimes.

We are all suffering, not just the banks, those rich (blank), the stock market hedge fund these super rich (blankety- blank), the high profit insurance companies More blank- blank) and the auto industry...they have been raping Americans for decades they are serious Americans blank blanks!!!!)

ALL these high paid executives knew full well what was going in their bank accounts they knew how they socking money away, they knew how they were ignoring the needs of the American consumers and making decisions that benefited their executives and no one else. Now the s.... has hit the fan!!

and they go crying to the government. Help us Please. we are trillionaires and things are no bad that we are almost beeing reduced to billionaires!!! Oh the horror!!

Yet all us hard working Americans the middle class used to be upper middle class and we are fast on our way to dipping below middle class.

Where is our help???

Where is the authorities who have decided that corporate America is more important than us..and allowing these pay outs to go unchecked and un supervised. The banks were given money to make loans in order to keep America going. But instead of making loans they are buying up the banks that smaller and didn't get help and failing...the large banks are using the bailout (BOM) to become vultures..waiting for the weak to fall so they can scoop in and eat them up!

While individuals that have credit and go to a bank for a loan to say ..open a business right now..which is just what our economy needs ...well they get turned down, even though that’s why the bank got the BIM in the first place!

WHERE IS THE JUSTICE???

Who is policing this BOM money ???? Who???

Now the auto guys show up trying to fool us...Oh yes forget about their personal jets... IDK but if you fly a private jet around even after you want us to think you are not doing well...well looks like to me they don't need the bailout.

I don't believe any of these rich #%x* who have their hands out!! I don't believe them!! They have been paying top dollar to CFO's and all types of Financial advisors on their payroll getting paid well. Now we are to believe that their people, these top paid people are bumbling idiots? And if they are so stupid that they let these companies fail ...if that is so then why are they all still employed???

Here is the solution...fire everyone who showed up for a bailout ...EVERYONE OF THEM FROM EVERY INDUSTRY!! Because if they showed up... then they failed...and in the work world we all live in when you fail you lose...you do not receive rewards! Or huge rescue plans!!
Because if the government thinks it’s okay to make money to bailout the richest and largest..then start printing some More money for us middle class too!! We are the oil that makes this machine run and if we can’t function then this country really will fail!

Bottom line if we bailout the big 3 the banks and anyone else powerful enough to receive a BOM then somebody needs to devise a plan to help us out too!! But okay if the government standard is to help them...fine...so be it !!!!

But the pendulum should swing the same way for all of us...so I ask where is my bailout??? Where is mine??????

What good will it do to bail out the American auto companies if they are going to continue to build cars the American people don't like.
Its like buying a new suit. It does'nt matter how low the price is or how good the material is if you don't like the way the suit looks. It's the same with the American car. Look down any street and see a row of ten or twenty parked cars, one maybe two will be American makes and the rest will be honda's, toyota's, bmw's. Why? They don't cost less, they don't give better gas mileage,so why do American's prefer them? Because they look better to American's and this is the basic problem the American auto industrie has to face. Until they build cars that people like they will be wasting their time and our money.

In 2007 there were about 138 million taxpayers and the auto companies are asking for 134 billion. If you divide one by the other that is almost $1000 a person, why not give that money to the people to boost the economy? It would be an even larger amount if you factor in the bank bailouts as well.

My question to all is why do we, the taxpayers have to bail out Bush, and Cheney friends for their greed and hunger for money and power. Bush, Cheney and the whole lot of them should be prosecuted, and thrown in jail for life. Their assets should be frozen and distributed to the American people. Let them all fail, especially banks, they are animals.

Correct me if I'm wrong, but aren't we in the financial jam we're in, largely because of the mortgage/banking practice of providing horrible loans to consumers, knowing most would never be able to afford the new payments after they adjusted? Resulting in record foreclosures, company downsizing, takeovers, etc.. And didn't we bail them out? The "Big 3" have provided americans millions of jobs, not just themselves, but every company that supports them, sells to them, services their employees, etc...I don't like bailouts, but they are asking for a loan, not free money from what I understand. If we don't, and they go under, not only do we lose American Icons and the choice to choose American cars, we lose millions of jobs that support those companies! The companies they buy equipment from, insurance for their employees, their 401k providers, uniform companies, hardhat companies, safety glass companies, hearing protection companies, you name it. I believe if we do nothing and allow them to go under, we all will feel it in one way or another. Stop and think of how your life will be affected if we fail to assist them and they go under.

Eric,

In the great words of Ronald Reagan "Government is not the answer to our problems, Government is the problem". The more government is involved in business the more business gets messed up, because government functions on the basis of polictical agendas not sound business principle. Let us not forget that the reason we are in this mess to begin with was due to the failure of Fannie Mae & Freddie Mac (both government creations) and the wreckless policies imposed on the mortgage business by crony politics. Yes the automakers have made their share of mistakes (show me an industry that hasn't), but the great majority of their problems are due to the constant meddling of government (political agendas) in their business, while not protecting them abroad. The American automaker does not enjoy the same concessions in Japan, South Korea, or Germany as your import darlings do here. I applaud the automakers for requesting a loan (not a bailout) with specific stipulations for repayment and accountability requirements, for it shows their faith in an industry that has been the backbone of this country. In case you are wondering a government loan is the only option because the private credit markets are dried up thanks to the mortgage debacle. I pray that this loan is approved and more importantly that once and for all the government realizes the need for overhaul to their disastrous policies...that may be wishfull thinking. Merry Christmas to all

Eric,

I don't like the idea of the Gov. bailing out these vulchers
But on the other hand, I don't like the thought of the U.S. not having an auto manufacture.
This have been a long time coming,
For over thirty years now these guys have been making some horrible cars, some were downright ugly. There were a few good ones, but then they would quit making those and come out again with more losers. They would also put exaggerated fuel information on the window stickers.
The pricing is another thing.
The new car dealers markups are out of line.
We all know the CEO's and Management's bonuses, excessive benefits, huge retirement plans are way out of line.
Next are the employee salaries.
These people have been over paid for many years now and are always going on strike.
That's one of the reasons why the auto makers go offshore.
Bottom line is, I don't think we should bail them out.

Larry

Karen - That really Sucks! My wife and I both have Saturns! We too think they are reliable and safe cars. We bought one in 1996 and our 2nd new one in 2006. We still have the 1996 car. We also liked that you didn't have to haggle, the prices were decent. Now they want to get rid of that car line? Why? Because it doesn't eat up gas the way the SUV's do? Too efficient for their own profit margins that they are not obsolete in 2-3 years? GM really loses a customer as they were an offshoot division of GM if they take away Saturn! Also, Saturn had their plant in Tennessee , so they were providing jobs to Americans! What is wrong with these executives? They get rid of a good solid, safe product in Saturn that had attempted an EV model and has a hybrid SUV model to make room for more inefficient ones-Like Hummers! Way to stay in business with the Japanese makers, Boys!!

Eric

If the auto manufactures go out of business we are all in a lot of trouble. I have 98 employees and I also had a dealership that employed 65, we closed that dealership in July most of those employees have not found jobs, some of them are losing their homes. If we don’t loan the monies to the big three we are all going to be in trouble. It could be are neighbors that lose their houses what does that do to are neighborhoods, are home values? The banks we gave them a bailout not a loan, what are they doing with it going to resorts? They still are not lending. Here is another bailout we are having the government and their employees, for example we in California have a deficit why are they not taking a pay cut and laying off employees cutting pensions , cutting benefits, unions, so many days off with pay, six weeks’ vacation? we should give a tax credit to people that buy american cars.

A loyal listener.

Louis

Hi Eric,

YES, to the bail out. They are loans. We the people got paid back when loans were given to the auto industry before. I have thought this all along. If they go under people will be shocked at the devastation it will have on so many things. The financial markets have been give money why not loan the big 3 money?

Today I have even more sure. Now I hear they are getting rid of Saturn. They are the best, safest cars on the road. I have owned them for at least 15 years. The marketing has been an issue not the quality of the Saturn. If they would have spent a little bit of money letting people know how the Saturn saves lives they would have sold a lot more cars. What will I do if they do close Saturn?

All of this is because of the unethical mortgage brokers, agents & lenders that should have NEVER lent money to people that couldn't afford to pay it back. So now I get to suffer by losing Saturn. This really sucks.

I am not in favor of an unconditional "bailout" with no accountability for where the money goes as we have seen how that is working with the the financial institutions and the the $700 billion of our money. I do however, see the dire economic consequences of letting the Big 3 just fail and thousands of decent folks being out of work, not only in the auto plants but in all the support industries. It should however be a loan to be paid back(not a bailout) within a specified time period and a large portion of the financial assistance needs to be invested into retooling the plants into producing electric and hybrid cars for mass production in the US.
No elaborate severance or compensation packages for the executives that made the short-sighted, self-serving decisions that got their companies into this mess should be allowed to be dispersed. Tight enforced accountability with the IRS and SEC and whatever other agency would oversee enforcement of adherence to the guidelines of this "loan assistance" would be required. The American Taxpayer would in essence be a partial owner in the Auto industry until the loan is paid back. No more free rides and golden parachutes!!

24 billion two weeks ago, 36 billion today, how much do you think they are going to ask for in two weeks time ??? I think if we start down this road it's going to be like what happened when we went into Iraq.... No end in site and we will have no option but to keep pumping taxpayers dollars in if there is no viability.

Should we ALL just STOP paying taxes, stop working, sop everything? ....... With all these bail outs and NO bail out for the people whom are doing the right thing or atleast trying to do the right thing(Paying our homes on time-thank god we can), Paying our car payments on time, paying tuition for better schools and no not college we are all to understand or even comprehend how anyone could ask for 34B I L L I O N DOLLARS? Take that 34 billion dollars back to "US" we need it.

Where is the single mothers bail out?, Where is the bail out for the people whom work 3 jobs to pay taxes and support there family? Where is the bail out for the every day to day Americans whom make it possible?

Aside from the enormous salaries of the CEO's, the UAW and all their members are making more than $70.00 ann hour (with benefits) and my husband (who is VP of his company) and all of the employees there have had to take a 10% pay cut in order to stay is business. Are the lowley employees willing to take a cut in salary or will they strike for more???

I say don't bail them out and let them figure out how to get themselves out of this mess!!!

Hi Eric. i am on the fence about the bail out however i think we need to support American made products for our own survival.I own now and have had Chevy trucks and they are the best truck made bar none
proud American
mark

I feel the government should not be in the business of bailing ANYONE out. We live in a democracy and are free to make our own choices. When bad choices are made, we must then suffer the consequences in order to learn from the experience. When I make bad financial decisions, I am responsible to bail myself out. It should be the same for businesses who's leaders have made bad financial decisions.

They have known since 1973 that we needed to get away from gas driven vehicles but they did nothing then. This is a free market society and they should be allowed to fail if they are not competitive in a world market. How about an Air powered car from India or a Hdrogen powered car from Japan. We should get out of manufacturing and keep to what america is good for. Entertaining the world.

Since 1973 they were aware that we needed to get away from gas driven vehicles but they did nothing. This is a free market society and they should be allowed to fail and let other new companies take their place.
How about an air powered car from India or a hydrogen powered car from japan if america is not competetive in the world market then we should get out of the manufacturing business and stick to entertaining the world because that is all america is good for today!

Hi Eric, I just want want to say, NO, NO, NO BAIL OUT. They made the saying , Buy American a laugh, I always believed in it, and got ripped off so bad, I bought a new Chrysler in 2006, 4 cylinder and i get 15 to 17 MPG, Big SUV's get better then that, and when I took it back at 5,000 15,000 and now 20,000 miles, I get told, yea, yea, that's what your supposed to get, I all most fell over, they said they don't make up the mileage, they have an out side company who does it, I said I don't care you put your name on it and advertise it, & they more or less told me , live with it, they moved out of the usa, because they couldn't pay the wages, but they sure filled their pockets, by lieing stealing and cheating us, they drive New Hybrids every year & we drive 20 year old cars, they live on Huge Bonuse's we live in debt trying to pay for their cars, NO, NO, NO, they make crap, let them eat it, it's their turn, why should the little people pay for them to live high on the hogg, it's not our turn any more, let them pay out of their pockets, and see how they like it. Look what AIG did when they cried for help, they all went on a big vacation at our expense, don't we all wish we could take fab, weekends like that, paid by them, NO, it's our turn to feed those big CEO's what they feed us, please NO bail out, they need to see what they have made us live like, in DEBT, MAKE THEM PAY, it's their turn.

We should not bail out the auto industry. This has been building since the 70's, yet the big three have had their heads buried in the sand. They alone have painted themselves into a corner. Their arrogance and lack of foresight is astounding. They have continually ignored the American consumer's desire for efficient vehicles built here. Instead, they have offered revamps of the same old tanks and have made exaggerated claims about the fuel efficiency of these behemoths and claimed this is the best we can do. Let the executives take no income for ten years. I know my family could survive on twenty-one million dollars for at least ten years.

I believe that they still don't get it. The greenhouse gases from their hybrid cars is still killing the planet. They should have driven to Washington in their electric cars. They new this back in 73 and they did nothing back then. Let them fail.

if we do not help out the big 3 alot of people will loose the jobs car deal ships have allready started to close next it will be the parts stores. who will start to close. they have gotten them selfs in this mess with big salaries, private planes, labor union price them selfs out of work. i hope if congress bails them out they will learn there lession. they need to tighten there belts just like he rest of us. congress will need to watch them closely. no more free ride .

I believe that they still don't get it. The greenhouse gases from their hybrid cars is still killing the planet. They should have driven to Washington in their electric cars. They new this back in 73 and they did nothing back then. Let the fail.

It is true, in the past the U.S auto makers made unreliable cars. For the last 20 years they have and continue to make reliable cars. However, people tend to remember past mistakes of the U. S. auto makers. In the last 20 years, I have owned both Japanese and American. I have put hard miles on both and the Japanese cars run good until they are run hard. Then they begin to fall apart. Whereas, my American cars take a good beating and keep on going. So we need to support our auto makers, so that they can continue to support us with a great product.

Instead of giving funds to the auto companies directly,
give it to them indirectly.
Offer the consumers a low
car loan since we are bailing
them out. This will allow the auto companies to push out their surplus, reduce stock. As a goverment loan
it will give people of America
a say. It will push auto makers to come up with a better efficent car. Loan
would be paid back through
their sales, instead of Americans footing the bill.

Thank you for the opportunity to express my feelings regarding this issue. We should extend these funds as a loan with interest to be paid back to "we the people."

Next, the CEO's do not need bonuses, excessive benefits, huge retirement plans. There should be a cap on these issues. It's well know that they give up a "salary" but more than make up for it with all the other "bennies." These are all irresponsible, self-centered, self-gratifying people in major positions in important industries who have taken advantage of their positions.

Last, we should not punish all the everyday, little people who are the backbone of this nation by putting them out of work and thereby increasing the domino effect we shall see.

I'm 65 yrs old and still working..unable to retire because Medicare cannot offer sufficient coverage to me and many others who have worked all their lives. We don't expect to have limos, airplanes, mansions, etc. but when you get to retirement age it would be nice to have medical coverage at the time it's most needed in life and be able to live with dignity. We have to purchase out of pocket medi-gap coverage, pay extra for drug coverage and I think we are a shameful society/government that throws away the elderly after they have give their all to this country.

I think it is inevitable that we are going to help out the big 3. However, I think we need some stipulations in the bail out. I think one of the requirements should be they have to close down all foreign plants and bring the jobs back to the states. I think that would solve a lot of problems not just for them but for the “little people" as well. I think any company our government ends up helping out should be required to be a made in the USA Company.
I also feel bonuses and severance packages need to go out the window for everyone evolved.

In a free market economy, the market determines the success or failure of a company. The Govt. is HANDS OFF. These companies are not profitable. Why should we, the taxpayer prop them up? Let them fail! Let some other savvy business folks snap up the infrastructure and start a profitable auto industry.
Also, this is a global economy. If my toyota stocks go up, I get wealthy. I'm a part owner of toyota, and I'm american! So what if toyota gets the market share?? IF they're making good cars and people are selling them, that's a good thing.

I do not think we should bail out the carmakers because they have been taking advantage of us for decades. I have several questions, 1. how can we bail out the banks without the ceos making major changes to their own salaries? 2. They say they will take a salary of $1 for a year. Isn't that just a drop in a bucket? Will they be dropping the prices of their vehicles? We all know they are overpriced.

why not have the oil companies bail them out???

No, I don't think they should be bailed out, many years ago they and other american car companies could have made the electric car or alternative fuel car which would have prevented the severity of global warming, and they failed to so because of greed.

I have to puy my two cents worth in ! I WAS a g/m owner for over 40 yrs. . In 2003 I bought a new chevy s10 . There was prblems with this thing right from the start with "NO" results ! I think that if the U.S, auto makers made a car worth haveing they wouldnt have thier problems

make them replace management and put those mgrs ceo's and other high pay officers on unemployement WITHOUT severence packages!!!!!

I am 100% against the bailing out the auto makers. That money would be better spent training and supporting the people who would lose their jobs than rewarding these companies for their bad business practices.

In an email I just received, someone stated ...

"Ford spent the last thirty years moving its factories out of the US, claiming they can't make money paying American wages.

Toyota spent the last thirty years building more than a dozen plants inside the US.

The last quarter's results: Toyota made $4 billion in profits, while Ford racked up $9 billion in losses. Ford folks are still scratching their heads, and collecting bonuses."

Makes you think, doesn't it?

The government bailed out AIG eventhough they continued to be arrogant as they spend unnecessary money even after being caught more than once. I'm not saying to bail out the auto companies but why are they being given such a difficult time while AIG gets a bailout so easily?

i honestly think that the U.S. government shouldn't bail out the auto companies because if you haven't realiesed, these auto companies have been failing for a while and most people dont buy these American cars. If we bail them out, they will just be saved for a couple of months or years. Its obvious that these companies will continue to fail because them being bailed out wont help to change our perspective to buy these American cars. So even if they get bailed out, people wont be buying the American cars more, instead their sales will decrease due being scared if the warranty vanishes in case something happens to the car, and they are just too big and gas gusslers. The gas prices aren't going to remain the same and owning and American car will put an even larger strain on your wallet. We shouldn't bail out these auto companies because they will end up disappointing .

I don't think there's a right or wrong answer to this question because either way, the implications are tremendous. However, one point I would like to make, which I haven't heard too much about in the media, is the impact not bailing out (or otherwise assisting) the auto industry would have on our overall economy and personal pocketbooks, and not just on those directly related to the auto industry. Just imagine; should the worst case scenario take place and hundreds of thousands of jobs be lost, I really think the result would be catastrophic to ALL of us. For those of us who are business owners, for example, this would mean all of those indivduals/families who lost their jobs would not be able to afford to patronize those businesses. And it would mean more homes lost and foreclosures. So for those who are in the real estate/lending instustry, this would be another death blow to one that is already shaky at best. I am by no means an economist or financial wizard, but I think we're fooling ouselves if we don't think the death of the Big 3 won't, at some point down the line, directly impact every single one of us ultimately.

Again, I don't know what the answer is, and I certainly don't relish the thought of, as a taxpayer, being financially responsible for the poor decision-making and lack of foresight of others, but the alternative causes me grave concern as well.

No one bailed out the tech industry in 2000/2001 when it crashed and burned, contributing heavily to the recession 7 years ago. Sure, that one only lasted 8 months, but I cannot recall anyone who even THOUGHT about asking the government for money.

I knew that the bank bailout would lead to other industries asking for help. If the automakers get financial assistance, EVERYONE will come out of the woodwork for handouts.

People have been spoiled by the 90's, where economic growth was unspoiled by any significant slowdown for _10 YEARS_. That is not normal, and people must realize that slowdowns and recessions are part of the normal cycle.

Perhaps the Union should bail them out after all they are the ones that made it possible for the employees to make up to $75/hour. We are getting into the worst example of people not taking responsibility for their actions. If we bail them out now how will they learn to change. It might be a hard lesson for a lot of people but I think it is one that needs to be learned. You can't learn from your mistakes if you don't suffer any consequences.

I think the big bosses should bail out their own company.....they got into this mess by making the price of vehicles so high, they can get out of this mess by lowering the prices, and reinvesting their hugh bank accounts!