Being a hard-core Constitutionalist, I can't agree with any government expenditures using fiat currency, so the idea of any bail-outs for any corporation is wrong in my not-so-humble opinion.
When the Big 3 have cars sitting in storage lots they cannot sell, I question what any bail-out dollars are going to be used on, in the first place. Are they going to be building more cars people cannot get loans to purchase? Is there any sense in that?
No, I don't care to see the Big 3 hit the rocks, because we cannot afford to see that many workers out of jobs. Mortgage foreclosures are already at record numbers and expected to climb much higher, so we don't need to add to that mix by laying off even more workers. But GM is already talking about huge workforce reductions, closing 25% of their North American plants, etc., as part of their bailout plan.
I suspect we're going to see a lot of changes being added to the mix before the Big 3 get their Christmas checks. A drop in marques seems to make sense. Why does GM need anything more than Chevrolet and Cadillac anyway? I suspect the UAW will also be taking a much smaller position, if they even end up with a position. I think it's time for the UAW bring ToTo back to Kansas anyway. The rest of us have found ways to live without UAW wage/benefit packages, so it can be done.
The Ford-China division is already making noises about bringing their product to North America, so the American workforce is going to have to wake up to some harsh realities anyway. If Capital Hill (yes, that mis-spelling is intentional) is going to allow those vehicles to be sold here, then the rules are already being re-written, whether we like it or not.
Then again, we're talking Congress here - the same Congress that forced contingencies like CAFE onto the Big 3, back in the '70's. When Congress is telling an auto manufacturer how to build their product, I get worried. And with Congress involved, as we've already witnessed, anything can happen.
Failures need to be accounted for and I cannot see why the American taxpayer needs to accept accountability for poor management schemes of any corporation or business.
This could easily topple over into a political discussion and this really isn't the venue for it, but I think we are already starting to see results of a couple of Republicrat Presidents selling our souls in the signing of NAFTA and CAFTA. And I don't see any light at the end of the tunnel, so long as Congress is spending trillions of fiat currency dollars. Our grandchildren's grandchildren will be paying these debts.
End the Federal Reserve Bank! National Rally for Sound Money, November 22nd