Now that banking, insurance, airline, retail (in the form of “stimulus”), housing, and many other industries are getting bailouts – the US auto industry is also looking for its own bailout of taxpayer money. And Obama is supporting this. This is such a terrible idea. Socialism gone wild. Las Vegas casinos are not doing well either – what next President Obama? Another bailout for them too?
The US auto industry has been in trouble for a long time now – this is due to their failure to change their business model that has seen sales plummet. Consumers no longer want cars that are gas guzzlers and clunky, outdated, unreliable vehicles. This is survival of the fittest – either you make better vehicles or fizzle out and die.
The taxpayers should not have to bailout the auto industry’s losses because they can’t make good cars, cannot run their companies profitably.
Once you start giving bailouts to companies that can’t run successfully – they will keep asking for more. We are only prolonging the inevitable while hurting the only ones who are helping to keep the economy alive – the taxpayers. This is theft – shame on Obama for proposing it.
WASHINGTON (AFP) — President-elect Barack Obama asked President George W. Bush during a White House meeting for immediate aid for the struggling US auto industry, the New York Times reported on Tuesday.
During their private meeting, Bush said he could support some aid in exchange for approval of a free-trade agreement with Colombia, the Times said, citing unnamed people familiar with the discussion.
However, neither Obama nor Democrats in Congress — who been blocking the trade pact — seem willing to bend on Colombia, the Times wrote.