Do You Want to Pay Billions to Keep Car Companies Alive?

| 3/18/2009 1:14:35 PM

Tags: bailout, General Motors, Chrysler, auto bailout,

According to a new poll from the Pew Research Center, 63 percent of Americans disapprove of the government giving billions of dollars in loans to Chrysler and General Motors in order to keep the struggling automakers afloat. 

Currently, officials from the Obama administration are reviewing the automakers plans for restructuring (aka downsizing and going green). So you can expect a lot more about the auto bailout to be in the news in the coming weeks. 

As much as I think the domestic automakers are largely responsible for their dramatic decline, I worry about the everyday Joes and Janes who will be affected if any or all of the domestic automakers go under. It’s also ironic that as AIG hands out $100 billion in bonuses (paid for from the bailout funded by our taxes), it seems there’s a tough road ahead for the automakers to get any more than the $20-some billion bailout. In the end, I think the Big Three (Chrysler, Ford or General Motors) are going to become two, maybe even one, in order to survive.

Does anybody really know the difference anymore between $100 billion and $200 billion?

What do you think? Should our tax dollars keep Chrysler and General Motors alive? Are they victims of the times? Or have they dug their own graves through bad management, focusing on SUVs despite all the writing on the wall about higher gas prices, etc.? Will you ever again buy a car from Chrysler, Ford or General Motors?

Share your thoughts by posting a comment below.

7/3/2014 9:24:07 PM

It seems the best thing is more electric vehicles - a cleaner method, though not without a footprint. This issue needs to be raised in social media such as Twitter and Facebook.

5/30/2014 3:48:33 PM

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edwin c
4/11/2009 7:44:19 AM

I think we ought to put a huge tax on all of the imports and let the people who want them bear the burden!!!

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