Car Manuf. Deal - NO GO!
The original proposed deal was for $25 billion, which then went down to $14 billion of American taxpayer money that was to go to bailout the BIG 3! Unfortunately, yesterday the deal did not pass the senate and most Americans are still wondering why do we need to bail them out? Who is going to bail me out if I have a problem?
The major problem is that even if these car manufacturers were to just do chapter 11 bankruptcy, to restructure there companies, a loss of jobs would still be eminent! How many jobs? Including the car manufacturers and then all of the other entities that provide jobs we are speaking about 2.5 million jobs! What does 2.5 million jobs really mean? That means all of the individuals employed in Maryland, Virginia & DC!
So what is going to go on now? Now there are strong talks of using some of the $700 billion dollars to pay for this $14 billion dollars! This $14 billion is by no means all the money these manufacturers need. They need a lot more money as well as a lot more help to restructure there companies to make them strategic in this very touch economy!
In all honesty, the senate not passing this law was a huge mistake! No matter how you look at it we need to flood all of the economic systems with money because currently money is stuck in the system. The domestic car industry needs to be completely changed! The cars that they manufacturing are mediocre at best by the opinion of most Americans who are not purchasing them! As well, we clearly need need more oversight as to where all this money is going.
What are you thoughts on this entire deal? What do you think needs to be done so that the car manufactures do not go into bankruptcy but we do not give them all of this money?
I would love to hear from you! Either leave a comment here or email me at psingh@rempower.com