Auto Industry Bailout: Oh, How You Hate The Idea
CNBC Auto and Airline Industry Reporter
I admit e-mail responses from bloggers and readers is not a scientific sampling. I admit these answers may only represent a small portion of the public. That said, most people are telling me they hate the idea of Washington allocating $25 Billion in loans to help the auto industry. Some of your comments:
Matt told me: "When is this crap going to stop. This is exactly why the American public is fed up!!"
Henry agrees saying: "When can we-the poor taxpayers-quit bailing out badly managed companies and let them fail. First it was Bear Stearns, then Fannie and Freddie, now Ford, GM, and Chrysler. When does the taxpayer get a bailout?"
Justin doesn't like the idea writing: "If my manufacturing company goes bankrupt, will you propose a bailout as well?"
And Chris e-mailed me: "The guys at Ford and GM as well as Chrysler were told as early as February of 2003 that the focus on these products was short sighted and that they should be moving to more fuel efficient engines and smaller crossover SUVs."
These e-mails are just a sampling of what I have heard over the last week as the idea of a bailout, federal loans, re-tooling package has picked up momentum in Washington. You may not like the idea, but if what I am hearing and seeing in Washington is any indication, there will likely be federal loans earmarked for the auto industry, not just the Big 3.
- Backing of Obama, McCain buoy automaker loan plan
Click on Ticker to Track Corporate News:
- Ford Motor
- General Motors
- Honda Motor
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