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Thread: PBush Bails Out US Autos

  1. #10
    Olympic Champ RYou's Avatar
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    Default Re: PBush Bails Out US Autos

    I don't think you will find one UAW member that says they personally benefited from the bailout. 15% wage decrease, higher contributions to benefits, trimming of retirement packages. Nah, the autoworkers didn't get a bailout. They just got to keep their jobs. All in all I think that's a pretty good deal.

    Bush stepped in because the senate didn't want to appropriate more money. The senate didn't have control over how the $700 B bailout package could be applied, but Bush did. Instead of adding to the existing fund, they're just using part of it. Personlly, I think he did the right thing at this time given the circumstances. It's easy to say let them go belly up. The economic impact across the nation would have been disasterous. Car dealers ships can't survive on service alone. Look at all of the gas stations that are food and fuel now, no auto repair. The trickle down impact from letting the Detroit 3 go under would have set the US economy back 10 years.
    Life's not the breaths you take, the breathing in and out that gets you through the day ain't what it's all about. It's the moments that take your breath away.

  2. #11
    Super Moderator UGLY's Avatar
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    Default Re: PBush Bails Out US Autos

    Bankruptcy does not mean they go out of business or that anyone loses their job. It only means that they can restructure with protection from people they owe money to. The bailout does not mandate anything it only suggests restructuring with the threat that the autos will have to pay the money back. Fat chance at getting the money back.

  3. #12
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    Default Re: PBush Bails Out US Autos

    Quote Originally Posted by UGLY View Post
    The autos got themselves into this mess with bad union contracts and bad management. Bush should recognize this and let them fail. The handouts have got to end sometime. Or should we all line up at the treasury dept. and ask for our bailout check. I will be needing 350,00 or so to pay off all debt including my home and cars, where is my money. I know I will start wasting money and being irresponsible and then I will get it.
    I agree with this 100%. ESPECIALLY about the financial bailouts--which Congress approved. There's nothing quite like sitting by watching people elected to represent us help corporations steal $770B from the taxpayers. I think it's one of the biggest crimes in our country's history.

    I just hate listening to everyone blame Bush for everything when the blame is not all his and we don't have much to complain about any way.

  4. #13
    Olympic Champ RYou's Avatar
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    Default Re: PBush Bails Out US Autos

    Quote Originally Posted by UGLY View Post
    Bankruptcy does not mean they go out of business or that anyone loses their job. It only means that they can restructure with protection from people they owe money to. The bailout does not mandate anything it only suggests restructuring with the threat that the autos will have to pay the money back. Fat chance at getting the money back.
    Reagan bailed out Chrysler back in the early 80's and Chrysler repaid in 3 years. That loan was interest free. This one is not, it's almost a usury rate at 10% considering we are on the verge of depreciation. Plus the US get auto stock and there is a good chance it will be more than double in 2 years.

    It's all a gamble, but if these deals work out the Fed is going to have the largest capital gains audit its ever scene.
    Life's not the breaths you take, the breathing in and out that gets you through the day ain't what it's all about. It's the moments that take your breath away.

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