Detroit: Begging For Help

The auto industry is about 30yrs behind in making reliable cars. The Japanese and now Korean makers produce a product that will hold up for years without repeated trips to the dealer for service while American cars are getting a mediocure rating in reliability. Now we, the american tax payer, are caught between the rock and a hard place. We either let the American car makers go under, which usually is what happens to poorly producing industries, and face ecconomic disaster or we put at rick billions of dollars of tax payer dollars to save an industry that may not do what it needs to save itself.

The American Tax payers should not be bailing out big businesses. The heads of these companies should be fired and not receive any restitution. The car industry in this country never got it right. They have let Foreign imports take over, because they were unwilling to make a kind of car that the American people wanted and needed. The Federal Gov. in no way should get into the car industry. Also get rid of the Unions.

If GM, Ford and Chrysler are awareded Chapter 7 bankruptcy, which are the creditors that will be protected? Which ones won't? What happens to union contracts, union pensions, union health care if a company files for bankruptcy? What happens to the stock holders?

How much clout would a bankruptcy judge have? Could they impose management salary freezes? Dividend freezes? Renegotiate union contracts? Restructure dealership and maintenance agreements?

If the taxpayers are going to be asked to foot the bill for the auto industry's mistakes, why not let the money go towards unemployment, funds for retraining workers, interest-free loans for housing - we do it for communities ravaged by floods and hurricanes, why not for Michigan and other communities heavily tied to the auto industry?

Why is a bankruptcy restructure seen as the worst solution? Handled correctly, is could be the best answer.

Let them burn. From the ashes we can build anew if the market wants it., and if the market does not want it we can not stop the inevitable.

Why doesn't this article - or any other - describe why the auto companies are in this problem? They are quick to blame low SUVs sales and the price of gas, but what about the unions? Aren't they a big part of the problem - with their ridiculous salary, pension and health care/prescription benefit arangements that handcuff the manufactures and suck all of the profits out from under shareholders? But the liberal media would never report on that aspect of the story. Wonder why?

I don't understand why we would give money to big businesses as a method of stilmulating the economy. If you want to give the economy a boost, give the money to "the people", we will spend it thus boosting sales for businesses. By giving money to the companies directly tax payers pay the cost but get none of the benefit.

These fatcat bastards snarl aggressively when we question their multi-million dollar bonusses they award themselves simply for doing their jobs in a growing economy, yet the minute there are losses they become socialists and we, the taxpayers, must bail them out, or else!
Where's the holy grail free market capitalism now, you jerks!?

The auto companies have been looting from the main street economy to pay wall street for a long time now. Just making profit isn't good enough instead wall street demands continuously increasing profits. This and exec incentives based on quarterly results drive short term decision making. The incentives need to be changed. Base exec bonuses on 3-5 year performance not 3 month.

I would like to understand the distinction between Wallstreet begging for money from Gov't being considered the finest form of Capitalism and when Main Street, the US. Auto Industry (for example) asks for Gov't loans it is considered dirty Socialism?

I would like to know why when Wall Street beg's for money from the Gov't and gets it, It is considered the finest form of supporting Capitalism. When Main Street like the Auto makers ask for loans it is considered Socialism?

We need the likes of GM and Ford to remain.,Otherwise Toyota and Honda and the rest will not have political incentive to keep plants here. Then we'll have none.

We need the likes of GM and Ford to remain. Otherwise Toyota and Honda and the rest have no political incentive to keep plants here. Then we'll have none.

So GM now wants to make fuel-efficient cars. Between 1933 and 1955, GM along with some other companies formed a corporation which bought the street cars with the sole purpose of closing down the operation of the existing mass transit - so there won't be any competition to their automobiles. There is a need for a policy to provide an efficient mode of mass transit system. This will give jobs to those GM workers who were laid off.