View Full Version : Big Three bail out rebuttel
12-11-2008, 03:50 AM
please read this letter to the editor from a Ford Dealer . I happen to work for one of the big three and have lost over half my income and am ready to bail out myself:tears:
This is a strong letter and no matter how you feel about the economy the facts are presented well in this letter.
12-11-2008, 09:44 PM
His arguments are indeed very well presented and he could have made much more of it by mentioning all the other businesses that are tied into the success of the US car industry.
However...very few people want to point out that there is going to be no way in hell that any of this bailout is ever going to truly get paid for. No matter what is done now it ends in failure because our own media have failed to throw light on what was really going on long ago. No-one talks about central banks conjouring money out of thin air and then charging interest on it and then being the sole provider of this initial amount they are also the only source of extra money to pay for the interest on the initial amount! The only way for the system to work is for the economy to grow exponentially forever! For the Earth to be an infinitely huge dustbin as well as have infinite resources.
I've deleted the rest as I really cba with the comments it would attract. :)
Those in the know are all too well aware of how this story ends.
12-12-2008, 02:53 AM
I couldn't agree more. The bail out was only to cause the demise of the smaller banks. Today Wells Fargo just pulled out of the auto lending business...The banks are dropping like flies. I was against the bail out in the first place. However If they want to prolong the agony, they have to help the the industries that will be supporting this country.
I agree that it's only a small band aid for a major world wide gash. I believe we're in for major collapse as does everyone else on this forum, that's the reason I joined. The information on this forum is invaluable, and getting ready for the ride is what it's all about.
I must say I loved the letter especially the ending comment:thumb_yello: And I do truly believe the American auto industry has surpassed in quality. As for the BIG trucks, well the consumer has shown they require the big trucks, by the amount of sales here... and the sales reflect that.
Anyway I do agree with you, get ready for the ride:nono:
12-12-2008, 10:13 AM
Well the auto bailout hasn't worked but only because unions couldn't agree on the wage cut.
So I suppose it's chapter 11 then.
12-12-2008, 02:38 PM
Gm has hired their lawyers to file...and I'm just waiting for my final wages and walking papers.:wall:
12-12-2008, 04:08 PM
See more updates and current videos on these two threads under Economy and Currency:
GOP Senators Voice Opposition To Auto Bailout
RON PAUL ~ CNBC Economic Crisis 12/5/08 Jim Rogers, Peter Schiff and CNN AUTO BAILOUT
Bush Officials Vow to Save Auto Makers From Collapse
Full Article Here: http://www.cnbc.com/id/28193063
CNBC.com With Wires | 12 Dec 2008 | 11:03 AM ET
The Bush administration, worried about a further blow to the US economy, said it was ready to step in and prevent the auto industry from collapsing after the Senate refused to pass a rescue bill late Thursday night.
"The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry," White House press secretary Dana Perino said.
The Treasury also said it is ready to help.
"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," Treasury spokeswoman Brookly McLaughlin said.
The most obvious source of help was the $700 billion Wall Street bailout fund, also known as the Troubled Asset Relief Program, or TARP.
President Bush had originally refused to use the bailout fund to help the auto makers, insisting that aid come from Congress. But the White House said it must reconsider after the Senate failed to agree on a $14 billion rescue plan.
"Congress spoke last night. They don't have the votes to do anything," Perino told reporters on Air Force One as Bush traveled to a commencement speech in Texas. "They didn't get it over goal line and so we have to consider what other options we would take."
She declined to say when a decision would be made. Full Article Here: http://www.cnbc.com/id/28193063
12-13-2008, 01:58 AM
Thanks or the videos, Ron Paul is right you know, if it doesn't work, the cost will be enormous and will have all been for nothing. Just prolonging the agony. I believe the president is going to step in anyway, along with his fed bank, that prints up whatever it needs to make us all think all is well, and start spending more of the worthless paper to get even more in debt. When will it ever end, and where are we going to turn when the dust settles...:wall:
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