I have been grappling with the facts in order to develop an opinion on the US Automotive Industry Bailout. Normally I would say that Ford, GM & Chrysler don't deserve the money because they failed to run their businesses properly. This failure can & will cause a company to go out of business in a free market economy. However, I think that US Auto Industry is an integral part of the fabric of our country and that we need to do something to restructure the way these businesses operate. I also think that it is important that we, as Americans, realize the significance of what a failure of these companies would mean. When people think of the Big 3, they probably think about the executives running the companies who are collecting million dollar paydays to run their companies into the ground. Non of us feel sorry for them because they will still live well regardless of how the company performs. In this case, I am not thinking about the executives of these companies, but the line workers (some of whom I know and respect). I don't want to see them loose their jobs because unlike the executives, if the companies go out of business, these line workers will be unable to provide for their families and pay for their cars & homes-which would continue the downward spiral of credit defaults and mortgage foreclosures. Not to mention the thousands of companies who make parts for these cars that would lay off even more average Joe's and cause those companies to struggle. I know that we can't have our cake and eat it too. I realize that we are going to have some lay offs to reach better efficiency levels and that pension plans may be reduced for retired workers, but I think if we can save the Big 3, we can emerge from this crisis a stronger nation. Restructuring is the key-not a bailout. Concessions will need to be made on both sides and the UAW should be taken out of the equation.
Check out this article by Mitt Romney in today's NY Times-he is a savy business man, and I think he could be a great President some day. He has some good thoughts on the issue. http://www.nytimes.com/2008/11/19/opinion/19romney.html?partner=permalink&exprod=permalink
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Wow- just thinking about the downward spiral is enough to make me support intervention in the auto making industry. Just like the little grocery store in Claycomo that gets 50% of its business from the Ford plant, thousands of other businesses, families, and individuals would be negatively affected if the Big 3 went under.
I love you! Thanks for sharing your thoughts with us! They need to be heard :)
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