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The bailouts should never have happened. I don't care which president started it and which finished it. These companies wouldn't have gone anywhere. They would have reorganized and chugged along just fine. What would have happened, though, is the unions would have lost their arse, which is EXACTLY what needs to happen. All these bailouts did was buy time. It WILL happen again.
Additionally, the American taxpayer is the real hero for their funds are the ones that bailed out the industry. Why are Obama and Biden acting as if they pulled off some miraculous event when 1. They didnt initiate it 2. It was the taxpayers money who did it. Millions of taxpaying heros saved the auto industry as far as im concerned.
While Bush did technically start the auto bailouts, it's only because of the democrats.
Once the housing market crashed, W opened up the taxpayer's checkbook and wanted to write billions and billions of dollars in checks to his big bank cronies, while telling the auto industry to go to hell.
Thankfully the democrats took back control of both houses and told W they aren't approving any bailouts unless GM and chrysler are included. From there the negotiations, like usual, was about 90/10 in the (R)'s favor where the big banks got bankrolled, but GM and chrylser got just barely enough to keep their doors open, kicking the can to Obama.
Obama completely revamped everything and stated if they wanted a penny in government funds, they needed some huge reforming, such as Obama firing GM's CEO's, making them sell their corporate jets, and eliminating the declining sub-companies like pontiac and saturn.
From there, GM soared back to america's #1 automaker, being saved by Obama and the democrats.
While Bush did technically start the auto bailouts, it's only because of the democrats.
Once the housing market crashed, W opened up the taxpayer's checkbook and wanted to write billions and billions of dollars in checks to his big bank cronies, while telling the auto industry to go to hell.
Thankfully the democrats took back control of both houses and told W they aren't approving any bailouts unless GM and chrysler are included. From there the negotiations, like usual, was about 90/10 in the (R)'s favor where the big banks got bankrolled, but GM and chrylser got just barely enough to keep their doors open, kicking the can to Obama.
Obama completely revamped everything and stated if they wanted a penny in government funds, they needed some huge reforming, such as Obama firing GM's CEO's, making them sell their corporate jets, and eliminating the declining sub-companies like pontiac and saturn.
From there, GM soared back to american's #1 automaker, being saved by Obama and the democrats.
That wasn't Bush..that was Congress who gave the banksters a "blank check".
And at that time, Congress and Bush both went along with it. Recall that the House first turned it down and then had a closed door meeting with the Fed and Treasury and then passed it a second time. We were never told what was said in that meeting.
Congress and Bush both had the fear of God put into them by the Fed and Treasury.
The fear was a crash far worse than the crash of 1929 and bigger than the Great Depression.
I am typically a democrat, I agree in helping our fellow Americans and in keeping jobs here... BUT the bailouts shouldn't have happened.
What about all theother industries that are still loosing jobs and employees? The Pharma and Medical device industry are going to possibly have to lay off tousands of people in the near future because of the hundreds of thousands of dollars in taxes they will be requred to pay to help cover the costs of our new healthcare policies.
Why is one industry more important than another?
Why should the auto employees have their jibs saved AND why were they able to receive almost $5K in bonuses this past year?
That seems questionable when we as the American taxpayers are the ones to have bailed them out , and most people have seen bonuses taken away, salaries slashed , it just doesn't seem fair.
While Bush did technically start the auto bailouts, it's only because of the democrats.
Once the housing market crashed, W opened up the taxpayer's checkbook and wanted to write billions and billions of dollars in checks to his big bank cronies, while telling the auto industry to go to hell.
Thankfully the democrats took back control of both houses and told W they aren't approving any bailouts unless GM and chrysler are included. From there the negotiations, like usual, was about 90/10 in the (R)'s favor where the big banks got bankrolled, but GM and chrylser got just barely enough to keep their doors open, kicking the can to Obama.
Obama completely revamped everything and stated if they wanted a penny in government funds, they needed some huge reforming, such as Obama firing GM's CEO's, making them sell their corporate jets, and eliminating the declining sub-companies like pontiac and saturn.
From there, GM soared back to america's #1 automaker, being saved by Obama and the democrats.
I am typically a democrat, I agree in helping our fellow Americans and in keeping jobs here... BUT the bailouts shouldn't have happened.
What about all theother industries that are still loosing jobs and employees? The Pharma and Medical device industry are going to possibly have to lay off tousands of people in the near future because of the hundreds of thousands of dollars in taxes they will be requred to pay to help cover the costs of our new healthcare policies.
Why is one industry more important than another?
Why should the auto employees have their jibs saved AND why were they able to receive almost $5K in bonuses this past year?
That seems questionable when we as the American taxpayers are the ones to have bailed them out , and most people have seen bonuses taken away, salaries slashed , it just doesn't seem fair.
It's not fair.
Seems like the Tax payer did not get a "fair shot".
Quote:
Originally Posted by waterboy7375
If the people who support the bailout had just bought GM's in the first place they would not have needed to be bailed out.
Thats the correct way to support a company you care about, not by saying " yes we should give them other peoples money.
It was wrong period.
Should have let them go bankruopt and reorganize.
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