This $700 billion bailout has not been implemented yet. It is now close to a month and the government hasn't decided how to divvy up the cash. I understand that the bailout is not a handout, rather it's a specified interest loan by the federal government. More on that later.
Right now, the train of industries asking for this handout is enormous. So far, we have the banking industry, mortgage industry, housing industry, student loan industry, financial industry, insurance industry, and now, the auto industry asking for a piece of the $700 billion bailout. I say screw it! Let them all fail. What ever happen to bailing out the struggling American families that fuels this economy?
The auto industry is close to an agreement with Congress in getting as much as $50 billion in new government loans to help the struggling industry, on top of $25 billion already approved. Enough is enough.
Why should we bailout the auto industry? I don't care if Pelosi and Reid are pleading to save the auto industry by saying that it is the heart of our manufacturing sector and ten of thousands of American jobs on the line.
Who the hell cares? Why throw more money to fix a broken problem?
I blame it on a counter productive auto union, poor management , and an obscene taxes in Michigan. Honestly, a bailout would simply give these clowns more money to line their pockets with. Remember AIG wasting their bailout money for an all expense paid excursion thanks to tax payers money?
I have said earlier that this bailout to the auto industry is really a very low-interest loan that MUST be paid back in a specific time frame. Whether this bailout is intended for the auto industry or any industries that I mentioned earlier, who cares. Let them fail! Capitalism is survival of the fittest. Profit is king, but be responsible to the consequences you undertake.
My concern is to the small business that makes up a good portion of our economy. Why don't we bailout these struggling small businesses instead? It seems there is no way in hell that any small business owner in the United States would ever receive such preferential treatment in the form of a very low interest loan with minimal payback requirements from the government. Is that fair?
The auto industry is failing due to the United Auto Workers union pressure on the automakers. After all, they are calling for strikes for everything and anything. The pressure is starting to drive many of the big three automakers to move their plants to Right to Work states and abroad because they can afford to do business in states with Right to Work laws. Ask yourself, why pro-union states like Michigan & Ohio have high unemployment & losing business infrastructure compared to those Right to Work states like Florida & Tennessee?
So, if we allow the unions to dominate and let bad fiscal decisions to continue to decline in the auto industry, I would suggest to the auto industry to pack up and leave. Maybe, they need to look at their budget and slash spending. Perhaps, the auto industry should move to states with a Right to Work law, where production is cheaper.
But I forgot one thing and that is a Barack Obama presidency. The pro-union Obama will endanger the state Right to Work laws. Bailing out industries is not what American government was designed to do. In fact, Obama should read the U.S. Constitution and The Federalist Papers before assuming the oath of office. If you bailout Wall Street and Detroit, then the government should bail the rest of us out as well.