In Defense of Detroit

Don't give them anymore money. They don't deserve a bailout. Let them go and other auto manufacturers will replace them. They are not held accountable for all of the billions American's have pouring into the auto industry and it would just be throwing good money after bad. DON'T GIVE THEM ANYMORE MONEY!

Rather the giving GM, Ford and Chrysler a rescue package worth 25 billion tax payer dollars, why dosen't the federal government simply issue $2,000.00 vouchers to every American tax payer. These vouchers would be redeemable towards a purchase of a new American made automobile. Then Americans can individually decide whether they want to help the automakers by purchasing a car.

The Big-3 must be allowed to fail. By proping them up with public money we risk that they will use the same old line of thought and not allow innovation and the market to improve productivity. NO MORE BAIL OUTS!

We must allow these businesses to fail. No more bailouts of businesses that are so resistant to change. If we don't allow them to fail then they will perpetuate the behavior of the past and stifle innovation.

YES to bailout big 3. Shame on congress for not correctly overseeing the first one - which is exactly what their job is.

Yes to bailout big 3.. Shame on congress for not monitoring it correctly the fist time. Second time?

You the amercian people where dupped into beleiving that conservatives would be conservative with your money. Wrong they where conservative only of there power and money. And they know they are now on the way out so watch out.

I think it's hilarious that Newsweek, in its own death spiral, would talk up bailouts. You're not going to get one! I defy you to find anyone, any tiny fraction of the taxpaying public, who believes that a bailout would actually fix GM/Ford/Chrysler. Everyone knows they're doomed, that it's money down a rathole. The sooner they go bust, the sooner they can be restructured, rebuilt, into viable businesses. No, there's no guarantee that'll happen, but compared to the endless bailout-failure cycle, it's a dead certainty.

read my lips Mr. Bush Sr said no new taxes. Then here we are 20 years later being strapped with the biggest tax bill ever for what coporate america to have bigger pay checks and to keep there million dollar salaries.

The big three have been hurting for years since 2001. Now there is a new cash cow the Government via higher taxes.

you've got to be kidding. Bail out the banks but not Detroit? With three million jobs attached is this even debateable? Detroit may have done stupid things (with a Union gun to their head that's still there) but at least they didn't collapse the financial system with blatant greed. I can't believe the double standard being applied in this country. What the banks and investment firms was criminable malfeasance and they are all still walking around the Hamptons - not Detroit - filthy rich. Open your eyes America.

Mr. Kashkari is a terrorist saying that 700 billion is a finite amount of money to help the economy. He is fooling no one. In other words 700 billion is a limited amount of money what a joke. They have already put 250 billion into the banks as capital that is = to 25 Trillion in the amount the banks can loan that is enough to buy all the mortgages in the US. What a joke they are just bilking the public and saying we dont have enough wah wah help give us more money or more authority.

While it might make sense to let them fail, you're talking about the loss of over 1 millon jobs. All these people pay taxes, spend money in the local community, etc. if they lose their jobs, who pays the unemployment benefits, healthcare, etc? It will cost all of us a huge amount. Our country needs these jobs! Also, please remember the manufacturers were probably ok till the subprime loan debacle. Make the loan, put in provisions restricting exec pay etc. Make the unions give up something. Again, we need the jobs!

You end with, "The failure of the American automotive industry ??? and let's be honest, it has basically failed ??? is a matter of public policy." without making any mention of public policy in the article. What public policy failures have led to this mess? I'm far more inclined to look at 30 years of incompetent management. I agree with you that restructuring must happen, but doubt that will happen in any government bailout. Chapter 11 will force it!

When everyone was making money, selling over priced homes or getting fat checks from thier refinaced homes then buying big SUV's and trucks, no one complain. The the ones that has caused the problems are point the fingers, but not to themselves.

"The Big Three" got themselves in this mess thru poor business decisions. If 'we' bail them out, next week it will the local furniture store will asking for a handout, If Newweek thinks they need a handout, then let Newsweek donate to them. Has the Auto Workers Union offered ANY kind of help? What happened to responsibility for our actions? If they can't run a business, then get out of business.

Lets not forget these are the folks that killed the electric car EV-1. The same folks which lobbied for a 100 tax break for pruchasing a hummer. The same folks that fought and still fight clean air laws enacted by the public. Letting the big three fall will actually help America in ways we don't even realize. Please let them fall.

Okay, you make some good points. But I have a hard time feeling sympathetic toward GM and its cries of "bankruptcy" when they just opened a brand new plant in Russia LAST WEEK. http://www.indiacar.com/newsarchives/news_details.asp?id=n95868

My husband works for the auto industry - not an actual car mfg plant, but he works for a company that makes parts for the auto industry. If they go under, he'll lose his job. And that's scary for me. But, on the other hand, when does it stop? When do we quit giving money to companies that can't run themselves? The government doesen't do anything to save the mom and pop shops - only the one they care about. So, whil the car makers going under will hurt my family, this "bailout" has to stop!!! And as for unions - what good are they? They can't keep a company from failing, they can't keep a company from leaving the country - all they're good for is bleeding a company dry of their earnings and taking union dues from hard-working individuals. They're a joke now. At one time yes we needed now - now, they're just a greedy and money-hungry as the corporations themselves. They're to blame for overpaid, under working employees. They need to go by the way-side as well!!!