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21 comments:
I wouldn't consider the government takeover of the auto companies is a socialist move. It's more like an investment in a company, just like any private citizen would do. If it works out, the Treasury would get a return and then some. If GM and The Cerberus Group take business ideas from the government, it would be just like a shareholders meeting.
Obama is giving them money but telling them what to do with it. Last time when he gave them money it just went to their employees, but this time it came with rules. I think this is a good idea because being that its the second time he has to bail the auto industry out obviously they didn’t use the money right so now if you want to be bailed out your going to have to do it his way.
CMartinez
Obama is giving two of the giants of the American auto industry an opportunity to patch things up before they receieve any government aid. This may have been proposed in light of the recent bailout funds AIG received that they spent on bonuses for their employees. Obama and his administration have been harshly critisized for unregulating those funds, so this time he is being careful to regulate the money being given to auto companies so it is not spent unfairly.
Some may say this is an example of the socialism Obama has been accused of trying to carry out, but that is just ridiculous. He does not have a choice. AIG and other corporate giants that spent bailout funds carelessly ruined it for everyone, and the only way for companies to receive money should be if it is spent correctly and fairly. Call it what you want, but during these times, government spending cannot go to waist because of reckless companies poor spending habits or priorities.
Those who argue that this goes against the values of a free market economy and capitalism will have to deal. A lack of financial regulation by the Bush administration during its eight year tenure have lead us to this point, so supporting a conservative economic movement or plan is unreasonable. Conservatives got us into this mess, and we are going to have to sacrifice some financial freedom in order to get out of it.
The steps that Obama is taking are supporting the car companies is just so the economy can be fixed. but i dont think anythings going to change. The money thats helping the auto companies are the companies that dont really need help.
-Gitu K.
The steps that Obama is taking is he is going to try to tell the controllers of the auto industry how to spend their money wisely. He wants to make sure that the auto industries doesn't end up getting more money and wastefully spending it.
I don't think they're many other things for us to do besides what obama is doing. We have tried to freely give them two previous times before and it hasn't work. Therefor i see it far that when we give them money now we'll be able to have a say so in how they spend it.
The old system is greatly flawed as this economic calamity has shown. The steps taken by the government does not make us socialists. This is temporary government relief until the situation gets better.
Why is it that Ford isn't asking for more money, but GM and Chrysler are?
Obviously, Ford is doing a better job now and finally gets it. What's the point of giving money to GM and Chrysler if they aren't going to use it properly? Asking for it again, probably means the CEO isn't doing his job. People were right they will ask for it again. This is the last chance they have. The other option left is letting GM file for Chapter 11 and that doesn't sound too good.
A lack of financial regulation had begun late in the Clinton years and was further advanced by the Bush Administration.
As a few others have said that Obama has given money to Auto Industries once again, but has also told them what to do with it. To me, I believe it is the right thing to do, We gave money before, what happaned?, nothing. I agree to what U. Cheema had said that
"Why hasn't Ford ask for money?". I agree because Ford is doing better and has learned its mistake from last time it asked for a bailout. I just hope that GM and Chrysler learn the mistakes also.
a.pervaiz
I think its right that obama is telling these companies what to do with the money because they obviously couldn't fix their problems when they received money before. Obama has to tell these companies what to do to try to put them back on the right track
Its easy really all they have to is tell them this is the money and this is how you are going to spend it if you dis obey there is a saying those who don't listen feel and I believe that obama needs to take aggressive action.
We have every right to watch how they spend our tax dollars. They messed up before and we have saving them from bankrupcy. They need to understand that we can't just give free money, there has to be some regulation. Like we have seen from other companies, without an overseer companies will just start giving out big bonuses.
I believe that the steps Obama is taking are actually going to help the economy. He’s not just giving the companies money to spend on whatever they want, now they have steps to follow. So when they make progress they are also going to help stimulate the economy. This time the money given is going to be useful for the country and not used for personal benefits a company might have.
I think Obama is doing the right thing. I agree with Matt B. He wants to give the Auto industry another chance to spend the money the right way and not waste it but he needs to know first what they plan on doing with the money before he gives it to them. Its not worth losing the money again. Trust is very hard to come by.
I agree with A. Rao when he said, "It's more like an investment in a company, just like any private citizen would." We're in a serious financial mess and our government should step in a bit to help it's people. It is the job of the government to look after the well being of it's citizens, even if it means a temporary takeover.
Bailing out the major car companies is not a bad idea. The three major companies employ many people and if the buniess are not giving asitants to survive many people will be unemployed. It is not just the workers in these companies but also people in the metal making companies. This will create a domino effect and extends the hurt to the common man.
When it comes to the auto industry theirs nothing you can really do. they keep asking for money, then when you give them money to help put them back on their feet. they take the money and hand it out to all their exectives, instead of using the money the money for what it was meant for. so when it comes to saving the auto industry i think its best for them to find other ways to save themselves. i think Obama is doing the right thing by giving them a time frame to shape themsleves up.
Everyone is scared that if the Government gives auto companies bail-out money and tells them how to use that money, that America will slowly become communist, but being capitalist is the reason were in this recession. Im not saying to be 100% communist but the Goverment should not make another mistake like what they did before when they give money to a auto company and those employees took it and left.
Obama has decided to bail out the auto industry Obama is offering a "reconstructing" of the auto companies.He is going to give a huge money Loan. I happen to think this can good, because this time obama is going to help them spend that money as well.
I believe that since we have given the auto company more then once, its time that Obama take the extra step and tell them exactly what to do with the money that he is giving them. They obviously couldnt be trusted with the money that was given to them the first time or the second time. So now he needs to put his foot down.
Obama was supporting the auto industry so that economy can be fixed. but things don't really change. He's not giving the companies money to spend whatever they want.
I think that everyone should be happy that Mr. Obama is taking more action into the auto companies on bailing them out. Last time when President Obama gave money to the auto companies, he didn't tell them on where the money goes to and as a result that money went to waste. Many people were disgusted by this because we just wasted even more money during a dime where even a dime is precious to us and plus were making it longer to fix the economy by this. So because the first time the money didn't go where it should have went, Mr. Obama has to take over and tell them where to put the money into, which i think is a good approach.
I think that government shouldn't bailout anyone. United states is a capitalist government so whats meant to die should die off, and something will blossom in its place, thats how America is built and how it should stay.
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