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Why is the auto bailout justified?

by tom44 on January 19, 2014

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Question by mybirdiesings: Why is the auto bailout justified?
i have to do a debate for english on the auto bailout and i dont really know what its about, it was just assigned to me. i have to come up with seven arguements on why the government should bailout the automakers.

help? pleasseee.

Best answer:

Answer by joannab3
They shouldn’t be bailing them out. Sorry, but there just aren’t any valid reason why we need to reward poor behavior using my tax money.

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5 thoughts on “Why is the auto bailout justified?

  1. Tappa says:

    NO, the heck with those SOB’s, nothing but greed. They could have made a better quality, more fuel efficient vehicle for years but didn’t, why should tax payers foot the bill, I don’t agree.

  2. tony_daluga says:

    1. Auto Industry employs millions of workers
    2. National Security reasons… who would make our tanks and vehicles? We won World War II only because of our industrial might. We out-produced the enemy.
    3. Service companies and parts industries related to auto industry would also fail.
    4. Last major manufacturing industry remaining in USA would be gone.
    5. If these businesses were to close down we would most likely have another great depression.
    6. It is not a bailout, it is a loan.
    7. 25 Billion is nothing compared to the 750 Billion we are a giving to the financial markets

  3. Rami B says:

    yes if congress does not approve money for the auto industry 3 million people could be unemployed. that means higher taxes to pay for all the unemployment insurance and banks will have to foreclose on houses because they cannot pay off their mortgages, which means higher interest rates. I do not believe in rewarding corporate CEOs who make millions of dollars despite the fact that there businesses are suffering. I support main street bailout provided that they produce smaller more fuel efficient vehicles that are environmentally friendly and have fuel ell vehicles.

  4. don1862 says:

    Unfortunately for you, there are no reasons to justify it, so you are on the losing side. It is sort of like you are in a debate where you have to argue that the world is shaped like a cube. Yoou would have no facts to support your position.

  5. dolphin314etc says:

    Ten million jobs will be lost within a few weeks if the auto bailout doesn’t happen. The loss of those jobs will push the US economy from a deep recession into a deep depression. The words sound almost the same, but believe me if we move from the one to the other you will know the difference.

    The auto industry in Detroit is really the bedrock of all American manufacturing. It’s been there for 100 years. Nobody wants to buy it or take it over, because of the unions and the health care costs. Daimler tried, and then had to pay somebody to take Chrystler off their hands. So it’s a White Elephant — I don’t argue with that.

    Creative destruction is a bedrock principle of capitalism. I don’t argue with that either.

    But, the outlays by the Pension Benefits Guarantee Corporation, plus the Unemployment Insurance payouts, plus the lost tax revenues by making 10 million people insolvent if not bankrupt, plus the extra social services — emergency housing food and medical they will need, probably extra law enforcement in the long run as well — this stuff would run a lot more than $ 25 Billion. The government can actually save money by avoiding an irreversible and apocalyptic event right now.

    The Paulson 700 Billion bailout included pumping $ 25 Billion each into nine banks — some of whom didn’t even want it — Paulson forced them to take it. And what are they using it for — Mergers and Acquisition activity — to buy other banks — how very Wall Street of them.

    Saving the financial system by those nine payouts, probably is good if it works, but witholding one more $ 25 Billion payout to keep the big three auto makers from dumping 10 million people on the job market as they fold into bankrupcy would be completely crazy.

    Only the most rabid, unfeeling, absolutist free-market, University of Chicago School, drinker of the cool aide, Herr Doctor Professor would think it was the right thing to do — given the circumstamces right now — in other words a person like Senator Jon Kyl. Is he a buffoon? Is he a poltroon? Hard to say. But he is the man blocking the bailout.

    This is a non-reversible decision. Once these companies are gone, they are not coming back. The cost of withholding the money is about 10 times the amount of the money — figure a quarter of a Trillion by the time all the fallout comes down from this apocalypse.

    Authentic intelligent alternatives to compel these horribly managed companies to reform themselves have not been explored or articulated. It’s just the blind free marketeers vs the people with a bit of common sense. I’m no liberal — anyone who has read my posts knows that I’m pretty far to the right, but this is just a straight up policy question — what’s the best thing to do given all the facts and all the likely outcomes? I say send out that money — it probably would be at least as well justified as the $ 25 Billion pumped into the least meritorious of the nine banks that didn’t want it. What jobs did that save? Who did that keep out of bankrupcy or foreclosure? Nobody — it just allowed a relatively strong and healthy bank to go on a shopping spree buying up some small banks — is that such a wondrous and wonderful thing that it outranks saving 10 million jobs and preventing a deep recession from becoming a total depression? Mergers and acquisitions — who did they ever serve except greedy lawyers, insanely greedy executives, and automatically greedy shareholders?

    The auto companies should get the money — there should be strings though — the top five levels of management should be scheduled for replacement as soon as their replacements can be found. This should be based on a totally professional job search process and a high quality recruitment process that bypasses the Boards of Directors and that is closely monitored by the Treasury Department. That’s pretty close to what happen at Fannie Mae and Freddie Mac. Toss out the bad managers, but save the organization, keep the jobs, don’t throw everybody out on the street in the middle of winter in a deep recession — that would be cruel, lunatic, and dumb — it would be the Jon Kyl way — heaven save us from guys that got C’s in Econ 101 from their Community Colleges — they know just enough to be exremely dangerous.

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