Quote:
Originally Posted by Damn True
I'm opposed to any form of loan to the big 2.5 that does not ensure massive restructuring of their Union contracts. The model they are operating under is not sustainable.
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Absofrickinglutely.
And I watched some of the testimony on CNBC the other day and I believe it was Chris Dodd who said he isn't sure if we really need all 3 automakers to stay in business. That is a good question and and the answer may very well be no.
The US autos may have been making better cars lately, but they are still way behind in the perception of most people that their stuff is inferior - I don't care about your JD Power ratings. The foreign cars are good cars and the US has been playing catch-up for years. Now add the ridiculous UAW contracts and there's a formula for disaster.
And for those that are comparing this proposed bailout to that of AIG, the Investment Banks, etc. - stop. Not even in the same ballpark. The financial system does not require cars at the end of the day. I think they will get bailed out, but I don't like it. Sure it would hurt if these 3 fail, but it's just another of the very big current problems going on right now. It sucks that any bailouts happened, but the financials absolutely needed it for our system to remain intact. And it's barely remaining intact as it is!
We are in for a pretty big mess these next few years...... Hang on.