GM bailout poll, yes or no? (loan, capitalism, tax, financial)

[jimj]

Originally Posted by goodbyehollywood

We really don't have a say in what the government does, anymore. Our representatives pass the bills they want, then change them whenever it suits their purposes. Some 80% of the people were against the bailout bill, yet their representatives passed it, knowing they were going against their constituents. It will be more of the same with the auto industry... then whatever comes next. And there will be a next... and a next... and a next... Perhaps it would be more palatable, if they were more knowledgeable or less self-serving, but c'mon? We the People is a farce.

Naw, it's still "we the people" it's just the "we" that's changed from you and me "john q public" to someone else.

[floridasandy]

the problem still is that we would be bailing out failing companies with the little money that this country has left. how does that address the bigger problem? how does that guarantee performance? how does that guarantee sales? there is another serious issue to consider here, with that being that a country going into what looks like a depression will not be a country with consumers with the money to be purchasing new cars.

[evilnewbie]

Why save GM? Even if you gave them $40 billion, it will only save them for a few months... they ARE going to go bankrupt at this point and they COULD have saved themselves prior to this... The CEOs will make out like BANDITS if you give them $40 billion as they have enough money for big bonuses and more luxurious treatments... you are in essence paying the CEOS millions and millions of dollars more KNOWING that the company IS going to go bankrupt soon WITH the $40 billion loan... Once we do that.. should we bailout Circuit City? Maybe Walmart too? Maybe we should give money to Visa and Mastercard, maybe to all those payday lending companies... maybe BP, Citgo, and other oil industries since oil sanked to below $70 a barrel.. where do you stop? Or is GM a "special company" that deserves attention because its "special"... Maybe you should bail me out cause I spend money and hence ensure the jobs of hundreds of people out there that "rely" on my money... I GUARANTEE you that once you give them $40 billion, they will demand $100 billion a few months after or THREATEN to NOT PAY BACK the $40 billion and file bankruptcy.. and you LOST $40 billion to the pockets of the CEOs... (AIG anyone?)

[Happy Cells]

No. Do NOT bail out G.M.

SELL G.M. to a reputable Japanese car maker, get RID of the 'unions' (criminal mafias) and have the new owners produce low cost, high mileage, high quality, dependable cars that people actually WANT.

[GloryB]

I voted no, but I don't know a whole lot about the corporate financial structure. It just seems to me if people were willing to work at a good wage without over bloated union wages and the CEO's could figure out a way to live on something less than $11 million dollars a year (geeze!)....they could revive their own self!

[_redbird_]

I voted NO. I hate to see anyone lose their jobs, but since when is it permissible to run a business into the ground and then expect a bail out?

When the OKC GM plant closed, we had friends who worked there. And let me tell you, bub, they were not hurting! They banked his entire salary and lived off his wife's GM paycheck. Geez, how many of us can do that?

IMO, the company can revamp its production lines, but with Union wages, they are destined for more of the same.

[HappyTexan]

And..this just in $30 million in executive bonus money will be paid out this year.

Chrysler leaders get millions - USATODAY.com

[OC Investor2]

Bailout - no.

Provide DIP financing after they go CH. 11 - Possibly. After the execs, UAW (active & retired) & dealers all come to the table with shared sacrifices to make the "new GM" viable & ensure the treasury gets paid back.

[tallrick]

The frustrating part is that the government will do exactly what people do not want. Does anyone wonder what will happen when the loans are due and they cannot be repaid?

[tallrick]

Remember, GM is the same company who arrogantly made decisions that put them in this financial mess. They could have sold their prototype EV-1 electric cars instead of crushing them. They have a history of destroying the competition whenever possible. The end of GM would be a beginning of new automotive technology. Without the big 3, it would be a lot easier for new startups to build cars. Government regulations designed to limit competition would become obsolete if there were no more domestic auto giants.