Democrats want to bail-out GM to "save 3 million jobs." Republicans are tired of giving a blank check to Hank Paulson and are even more weary of spending money on giving corporations financial breaks that they don't deserve.
If you were in Congress, what would you do and why?
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12 comments:
Heck no! What ever happened to a free market economy. If GM made a decent product maybe they wouldn't be struggling as bad as they are.
I understand that there are a lot of jobs tied to GM, but when you compare that to the number of small business that go out of business each year I'd bet that the numbers aren't very different. Do we bail them out....of course not.
I'm getting sick of the mentality that the government should be bailing everybody out.
I really dont think that the government should bail out GM, its getting pretty ridiculous that the government or we have to keep bailing out these big corporations. I like what Jeff said about what happened to the free market economy? What did happen? What happened last time the government bailed out a big corporation? The CEO and all of his little buddies went on a big trip on the governemnt's dollar, how sweet.
Jeff said heck no, and Z-CO says hell no. Its ridiculous were socializing big business. It is like were turning into China, it is not the governments responsibility to bail this companys out. I say let them sink were doing our future generations a huge disservice leaving them with this debt. The government would not bail out a small mom and pop store so why bail out GM, I say let them sink there fault. It just doesn't make sense to keep bailing these guys out.
I do not think that the goverment should bail out GM by giving them money. Now that said what if it was under an agreement that they MUST devote time resorces and money to a better engine then maybe. Or how about a buy out that puts a new CEO and new board to make new desions and new ideas then maybe.
It really is a had call. The way we see it is a big picture does the goverment give the corperation money now in hopes that it survives or start paying 3 million people unemployment. In a way it comes to teaching a man to fish or giving him a fish now which one is which who knows. I prefere the saying light a man a fire, warm him for a night. Light a man ON fire warm him for the rest of his life.
I agree with Ira. If we are going to be shelling out billions of dollars to bail out a corporation, those funds should definitely be conditional. There's a reason the company is failing in the first place, therefore we should not offer to pony up any more dough, unless they are prepared to make some changes.
A lot of this seems a bit one sided as well. Only large corporations are being bailed while there are hundreds of small businesses going bankrupt at the same time. We could have spent the same amount of money but on several small businesses and helped them to succeed. As small business is supposedly the cornerstone of our economy, opposed to big business, wouldn't this have given the basic same result while promoting small business?
After seeing the way the he Heads of GM flew in to Washington D.C. in their corporate jets begging for US taxpayer dollars, showed that they didn’t deserve U.S. taxpayer’s money. Couldn’t they have flown Coach or if they still really wanted their luxury, they could have flown 1st class. Sounds like they really need the help…
I don't believe the government should bail out GM. A few people mentioned above that why are we bailing out huge corporations out when we can help the smaller ones? One of my good friends is currently struggling with his small business - but do we see small business getting help?
Why can't they just cut back on the bonuses from given to CEO and upper management in GM cause I'm sure that will sure help save some money. There's just a lot of shaddy occurrences from the last bail out that i don't believe if the government helps out it wont happen again.
Jenn- I totally agree with your last statement. It almost seems like the more the government bails out these huge companies, the more other companies want to get on board. Are we setting ourselves up for a domino effect here?
Also, why couldn't terms of the bailout be set that the company needs to restructure or come up with a way to keep out of this position in the first place? This is another topic I'm not hugely informed on, but I thought there was talk with the last bailout that the companies wouldn't accept terms like that. If that's the case, why should we be giving them money?
I wouldn’t bail-out GM because they need to go through the process of figuring out what went wrong to put them where they are now. Once they have that figured out, they should make plans to fix that, so that they will not go there again. Then they need to figure out how they are going to dig themselves out of the hole they put themselves into and do it.
It sounds mean, I suppose, but they’ll never learn and they’ll get back to doing the same thing if they get the bail-out that they want. So in order to prevent that, they need to go through this process or they do not deserve to be a business. I do suppose there can be some exception, like if the business does go through all those steps and did what they could, but they could really use the help, then on a case-by-case basis, the business may get the help.
I don't believe it would be a wise investment to bail out these automobile companies. Since technically the government uses tax payer money- I have to ask myself if I would use my money to bail out these businesses??? Nope.
However, we seem to be a country that wants to bail out even other countries. Isn't that why we are spending the huge money in Iraq each month? This actually bothers me more. At some point I personally know when I'm getting low on cash- but our government just never seems to say- "No, we just don't have the money." I wonder what would happen if they just said- "Sorry, the money is gone. No more additional spending. Isn't that what happens in real life? You run out of money if you spend more than you really have right? Or you are in a huge amount of debt. And like the government- most Americans have overspent and owe more money that they can really afford.
It not right that the government wants to bail out these huge companies, but they wouldn't help out any of the small companies that are going under.
Also if we bail out GM and other big companies, it is going to leave our children and future generations with OUR debt that they had nothing to do with, but they'll still have to pay for our mistakes. It's not fair to them!
These companies need to look back and figure out what went wrong and change their company to fix their own problems. Why should we have to help them out?
I do not believe that we should bail out the auto companies until they have exhausted every possibility to fix things on their own. The situation that they find themselves in is what Chapter 11 bankruptcy is designed for. It gives the corporation the ability to go in and reorganize and then start to rebuild.
The reason it seems that they don't want to do that is that they would lose a lot more money than if they were to get a bailout and try to reorganize that way. Also, with how much money it would take to actually help them I think it is a bad investment of taxpayer money.
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