Auto Industry Bailout

I found this excerpt from a NY Times article on how some Republican senators are opposing a bailout of the auto industry:
Senators Richard Shelby of Alabama and Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said an auto bailout would only postpone the industry’s demise.

“Companies fail every day and others take their place. I think this is a road we should not go down,” said Mr. Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.

“They’re not building the right products,” he said. “They’ve got good workers, but I don’t believe they’ve got good management. They don’t innovate. They’re a dinosaur in a sense.”

Mr. Kyl, the Senate’s second-ranking Republican, added, “Just giving them $25 billion doesn’t change anything. It just puts off for six months or so the day of reckoning.”
I tend to agree with the senators. How about you?
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4 comments:

  1. AnonymousNovember 17, 2008 at 2:12:00 AM CST

    I agree. Where does it stop?

    ReplyDelete
  2. karenNovember 17, 2008 at 8:57:00 AM CST

    I agree. Ditto. Where does it stop?

    ReplyDelete
  3. jrchaardNovember 17, 2008 at 11:43:00 AM CST

    I agree. We need to make some sort of exemption to allow them to end all Union contracts. But that aside, 25 billion is like giving methadone to a heroin addict. When the Methadone runs out, they still need heroin. This is the spot we got ourselves into with the bailout in the first place. Henry Paulson now playing god in deciding who lives and who dies. I put my odds on his buddies in the banking industry.

    ReplyDelete
  4. jrchaardNovember 17, 2008 at 11:43:00 AM CST

    I agree. We need to make some sort of exemption to allow them to end all Union contracts. But that aside, 25 billion is like giving methadone to a heroin addict. When the Methadone runs out, they still need heroin. This is the spot we got ourselves into with the bailout in the first place. Henry Paulson now playing god in deciding who lives and who dies. I put my odds on his buddies in the banking industry.

    ReplyDelete

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