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Updated: 8:06 PM Nov 19, 2008
Auto Bailout Affects Local Dealerships
The big three American car makers, Ford, GM, and Chrysler, went before House Financial Services to ask for $25 billion to keep their companies out of bankruptcy. Posted: 4:30 PM Nov 19, 2008Reporter: Mark Vaughn Email Address: mark.vaughn@wjhg.com  Auto Industry Bail Out |
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14 Comments 
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Chapter 11 bankrupcy was born for this problem. Under Chapter 11 insolvent companies re-organize (like fire top management who screwed everything up), fend off it's creditors for a while, and negotiate a more reasonable business plan. Sure, they will have to get leaner and more effective at doing more with less. Welcome to the real world, Big Three. The smoke screen in this whole situation is that the ENTIRE INDUSTRY will collapse if feds don't bail them out. NO IT WON'T! Just the Big Three. (Who don't seem so big.) Toyota, Honda and the other more efficient vehicles are not going away. In fact, if the Big Three have focused more on being more competitive with them in efficiency and price they would not be in this mess. Instead they focused on doing more of the same, building bigger more expensive cars that now we cannot afford to buy or drive. They ignored the signs, played the odds and got caught with their pants down. Oh well, sucks to be you. That's capitalism.
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Toyota and Honda are doing great. I just read an article on CNN where a Honda engine plant in Ohio is thriving. It looks to me like the Detroit union, private-jet set are the only ones having a problem. Too bad.
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Sorry George, NO BAILOUT MONEY FOR YOU!! Too bad you should have socked some of that money away that you made on the hard working Bay Countians. Car dealers and manufacturers have been fleecing the American Public for decades. Producing a product that is worth half of the MSRP after you drive it off the lot... No sympathy here, sorry
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I believe it would be good to bailout the auto industries with a strict clause that the bailout would not go to CEO,s, but only to provide jobs for the general workers.
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Businesses are closing everyday; people are unemployed -- the Government didn't bail them out. Why should the Government bail out the auto industry? The CEO's went to Washington on separate private planes -- cost $25,500 for each plane. What is their yearly bonus, what's their salary?
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Not only do i think we should not bail out the auto industry, I think we should not have bailed out the banks & insurance companies either. With all the small companies going under now the government is not bailing them out to save those peoples jobs.
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HERE'S AN IDEA! WHY DON'T THEY BAIL OUT THE AMERICAN PEOPLE. THEY SHOULD GIVE EVERY AMERICAN TAX PAYER A HUNDRED THOUSAND DOLLER'S, WITH THE STIPULATION EVERY PERSON BUY A NEW AUTOMOBILE. THEN WE ALL BENIFIT.
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Forget the Blame Game! But the Detroiters must get to a fairly competitive cost structure or they will try to bleed taxpayers for decades.
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Of course the auto makers want a bail out.They should have retooled 20 years ago and started making fuel efficient cars.The auto makers have the know how. I believe if America can send a man to the moon and bring him back, building excellent gas efficient would be no problem. If congress gives them the money, the auto companies should be required to sign a binding contract that they will in one year produce gas efficient vehicles (same size as now) and no large salary bonuses for at lease 5 to 10 years.
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You're kidding, right George? You, Tommy Thomas, et al...too bad. We're turning it back on you. Welcome to the real world.
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"Local car dealer George Gainer, who owns Bay Lincoln, Mercury, Dodge, which sells products from two of the big three companies, wants the government to step in and help fix the crisis." Of course he does. I've been buying cars and trucks for 30-years. I've always felt like I got screwed. No sympathy from me. And I'd vote "no" on bailing these sorry suckers out.
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Why are we always bailing companies out? What happened to Capitalism? I like how the news showed these guys flying around in their private jets, which cost $20,000 to fly to D.C. for their meeting. The news report then showed a ticket at the same time, was $288 for round trip, $600 for 1st Class!!!! Meanwhile they are burning through cash by the thousands.
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The auto makers will get their bailout, but I wholeheartedly disagree with it. The American auto industry is easily the most corrupt that we have. From the UAW union right down to the local dealerships, the automotive industry is rotten to the core. It's impossible for me to find sympathy for Detroit workers making many times the local wage building vehicles our local people have to pay for with a sliver of the income. The "Big 3," and the UAW might think about curbing their greed as they descend the ladder they climbed on the backs of the working people. No bailout from this taxpayer. Sorry Mr. Gainer. Reinvest your Commissioner salary.
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I have always felt that the auto makers produce too many different models and all the different styles with a particular model. If they would limite the models and only produce the ones which have high sales and delete those where sales are low, they wouldn't be in the mess they are in now. Ford & Chevolet had limited models during WW II and made money and stayed in business without the mess like they have now. Limite models,cut out bonuses for CEO's and cap salaries for all employees.
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