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Look, I'm a Democrat and Obama supporter, but I'll be the first to oppose yet another bailout of Detroit.
Banks aren't like car companies -- car companies don't just "fail". Chapter 7 bankruptcy is what most people think of, but Detroit would use Chapter 11, which lets them continue to exist with a restructured debt. American car companies are uncompetitive because they have too many liabilities. Chapter 11 lets them restructure those liabilities, so that they can once again become healthy, competitive companies.
Chapter 11 was created for the exact situation we have unfolding here. Let it work.
Not smart. Americans are like people in a church pew. Not two of them want or see things the same way. I certainly would not buy a car designed and engineered by the mediocrity of public opinion. Mediocrity is what landed the automakers where they are. Bailing out the Big Three is like dragging beached whales back to the water. Tomorrow they will again be on the beach but the next time they will be stinking to high heaven. They deserve only an honorable death, not a bailout.
Beautiful. In the congrsssional hearings, the begging automakers CEOs were asked by Rep Rick Wagoner to raise their hands if they flew to Washington on a commrcial flight. They were then askd to raise their hands if they were willing to sell their private jet in place, and fly back home on a commercial flight. "Let the record show that no hands were raised"
Yes, that was UNBELIEVABLE. Those CEO's showed up in private jets. Disgusting.
Yes, that was UNBELIEVABLE. Those CEO's showed up in private jets. Disgusting.
Yes, but this is even more unbelievable. It's not your tax money, so shut up and bend over. Hold that laugh if you think this is funny. This is how politicians really think.
I voted for Obama and I'd let Detroit (car industries) fail too, seeing how they've been with their lack of quality in their cars (esp. compared to European and Japanese cars) and to how they've been moving jobs to Mexico and overseas anyway!
And honestly, the city of Detroit itself is personally not worth saving, for many reasons!
"Let Detroit die" is a way of saying "We don't care about you, Michigan. We don't care about middle class."
I used to laugh out loud back when I saw people who wore "Michigan for McCain/Palin" pins on their shirts AFTER McCain pulled his campaign out of Michigan. Michigan for McCain/Palin? Really? I think what they should be thinking before making fools out of themselves is "Michigan for McCain/Palin but are McCain/Palin for Michigan?" Because judging by the ignorance and "let Detroit die", McCain/Palin and Republicans did not and do not give a crap about Michigan.
I wish I could say "Let GOP die" back to them but I don't have too seeing it as GOP is dying anyways.
I was against the bank bailout. I am against the auto bailout too. You can't run your companies to the ground and ask for bailouts.
There was a line I read during the S&L collapse that I will always remember,
"When you owe the bank $1,000 the bank owns you. When you owe the bank $10,000,000 you own the bank."
As distasteful as bailouts may be, one has to realize that the size and breath of many of these companies are so vast and critical to the economy that there is little choice. For example the Big 3 represent not the mear 500,000 workers that they employee but a total of 2.9 million workers who work in auto dependent industries. Take the time to think about the impact of a sudden increase in unemployment of 2.9 million workers and their families on local, and state governments not to mention the loss of their buying power in an economy that is drive by consumer spending.
It is easy to think is simplistic economic slogans, it is another to really understand the economic impact of easy on the tongue slogans. But if that's too difficult, wrap your mind around this one:
Cut off your nose to spite your face.
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