Quote:
Originally Posted by pound
As much as I am a GM fan, I have to say that I am against bailouts for anyone. Not for Wall Street, not for the big three, not for consumers with too much credit card debt. Rewarding failure never works out well. By giving handouts the government is giving any company with a failing business model an excuse to put their hand out. If one or more of the American car companies fails someone else will step up to fill the void. Its not like people are going to be able to not buy a car just because GM or Ford doesn't sell cars anymore.
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I understand this reasoning, and if it were a smaller company i would agree. But simply put, if American auto manufacturers go out of business, I will be looking for a house in another country, because this country will go into a depression worse than the Great Depression. Back then, they didn't rely on foreign anything. Food and essentials were still made at home. That is not the case anymore. We rely on so many imported goods, that once ANOTHER 10% of american jobs are lost, we will not be able to hold our own as a country. The unemployment rate will raise to
16.5% (assuming, 10% more than the 6.5 it is already increasing from). That is completely ludicrous, and unrecoverable. I don't want to bail out the companies, but unfortunately, we need to keep our people employed.