Thursday, December 11, 2008
Auto bailout might fail to pass?
Everything seemed to be going well for the auto industry since the bailout they had requested started to take form and passed in the House. However, within the Senate there is strong opposition from the Republicans and some of the Democrats on this issue. The Republican leader of the Senate strongly opposed the legislation, and not even the White House's urge to save the auto industry changed his mind. The big three in Detroit could be in a bunch of trouble if this auto bailout doesn't pass, seeing as how the executives of GM and Chrysler have said that they could run out of cash within weeks.
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5 comments:
uh oh. i don't know what to think here. I am happy they are not getting bailed out. And to be honest I stopped worrying too much about the workers, because they are going to get laid off eventually anyway. But I also worry about another ripple effect the housing crisis started.
What happens if the bailout doesn't work? How risky is this? I understand this is to save jobs, but what will happen if it fails. Will other sectors be hurt?
I think that the bailout needs to work out. I dont think that we can just leave these major automakers to go bankrupt. Think of all the workers that would be laid off if they failed? if the government can help the financial companies they can help the automakers who are just as important.
Caitlin is right. The bailout needs to work out or else the economy will be in even more jeopardy. If too many people are laid off, the government will have to spend more money in welfare etc.
Why can't we just pay the workers for a year with the bailout money and have them find new jobs? What's wrong with that?
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