Compared to Wall Street Bailouts, $30B to GM Is Small Change
Reader Comments
David Jeffrey sure said it
David Jeffrey sure said it.....and I said it before and I'll say it again, mmmmmmmmm I love butter tarts. Did Kevin spend these 'loans' wisely?
No Bailouts
All of the bailouts are bad ideas. I don't understand how you can differenciate the two. I want one now!
Flushing money
Here is the difference. Banks are paying the money back. GM will never be able to pay back the money. $30 billion flushed down the crapper. That money could of been put to better use.
D. Sanchez
Bailout 2008, a poem by David Jeffrey:
Like a bloodied warrior,
laying broken and torn.
Like a dying soldier, hopeless and forlorn.
But the blood, it be green,
the color of money.
And the soldier is an economy,
and it is anything but funny.
Broken are it’s people and shattered are their dreams.
Thanks to the ultra rich and their full proof schemes.
It is a tragedy with more pain to come.
Finance will be Hell, and their wills will be done.
Bailout 2008
Bailout 2008, a poem by David Jeffrey:
Like a bloodied warrior,
laying broken and torn.
Like a dying soldier, hopeless and forlorn.
But the blood, it be green,
the color of money.
And the soldier is an economy,
and it is anything but funny.
Broken are it’s people and shattered are their dreams.
Thanks to the ultra rich and their full proof schemes.
It is a tragedy with more pain to come.
Finance will be Hell, and their wills will be done.
D. Sanchez
Bailout 2008, a poem by David Jeffrey:
Like a bloodied warrior,
laying broken and torn.
Like a dying soldier, hopeless and forlorn.
But the blood, it be green,
the color of money.
And the soldier is an economy,
and it is anything but funny.
Broken are it’s people and shattered are their dreams.
Thanks to the ultra rich and their full proof schemes.
It is a tragedy with more pain to come.
Finance will be Hell, and their wills will be done.
Compared to Wall Street Bailouts, $30B to GM Is Small Change
If the bailout had kept GM and Chrysler out of bankruptcy I would have agree with the author. However, the money given to the automobile industry has only delayed the inevitable. With the automobile giants going into bankruptcy the bailout money is lost and the cost to the American taxpayer is far more than if the US Government had given each worker a one year severance check.
Along with the monetary lost we now have unqualified political appointees trying to run a business they have no experience with. It is hard to believe that this a stronger and better automobile industry will emerge.
Bailing out GM or Investment Bankers
Sure, the amount of money the governemnt has invested in bailing out GM & Chrysler is enormous. But, consider that this bailout has saved millions of American middle class workers from becoming unemployed is worth it.
The auto industry is not an entity by itself...there are many other inductries whose services and products are part of the auto industry, including steel, glass, rubber, transportation, ad infinitum. These are the hard working Americans that have been helped by the government's support.
On the other hand, the greater amount on money that went to bail out the financial sector was used to reward the people who caused the financial crisis in the first place. These are the highest paid people in the world, yet it was their greed that led to the downfall of the economy...not the hard working middle class workers of the auto industry or its related industries.
Let's keep everything in perspective when we think about who deserves our support.
