Sam @CUSP Conference 2015

Wednesday, November 19, 2008

Automotive Industry Bailout

Here's a blog authored by Mitt Romney. His take on the proposed bailout makes a lot of sense. So, I wanted to share it with you guys. Check out this link when you get a chance...

http://www.nytimes.com/2008/11/19/opinion/19romney.html?_r=1&em

2 comments:

M.B.EZ said...

First of all, do you think Mitt Romney would have wrote this letter if the UAW supported him in his last campaign?... Right!! I just had this debate on facebook last week. Althought I do agree with a few things he wrote. For example, the management does need to be change ASAP! I work for one of the big three and i'm also a business management student so I can tell you first hand that they have no idea how to run a business successfully. He also wrote about taxs penalties that favor foreign carmakers. I agree, tax the hell out of them! But only until the playing field is leveled out. In all honesty the government is suppose to let them file bankruptcy. Because it will force them to redefine themselves, but this is only ture in a stable economy! We can not afford for one of the Big 3 to fail and it's beyond me when I hear people say,"Let them fail it don't effect me". The fact of the matter is it does. Autoworkers represent a percentage of the top 10% that fuel the nations economy. So for every dollar we spend it's some how or another going to be tied to you. And yea people may still lose there jobs, but how many will lose there jobs if they don't get that money? I don't think they should just hand them the money and let them go do what they want to do. If the plans that they layout should be approve, the government should have watch dogs in place to make sure the money is being spent on improving the situation and not spent on wild parties...

Anonymous said...

Yep. Bankruptcy is all well and good, but it will do them (especially GM) zero good because the banks are not lending. They'd just tumble straight from Ch. 11 to Ch. 7 (and we'd all be screwed)...because they couldn't pay for the restructuring.

It's striking how much grief Detroit is getting for 4% of the money that Wall St. needed. Money that had no strings and that they are doing nothing with.

-KJH