A $25 Billion Lifeline for GM, Ford, and Chrysler

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If tax payers have to put up the money to save our auto industry
I will support it but I dont like it.I dont feel we should have to support an indutry that has let this country down with poor products,service and high prices.The auto industry is needed for the econony of this nation. I strongly support the tax payers loaning eny amount that is needed to the auto industry
and hope we will again be a leader with the products we produce in the US and ship overseas again as we ounce were.
Signed.
Ron Boe
Joyce Boe
Dave Oberkramer
Paula Obercramer

Ron Boe of CA 12:31AM December 09, 2008

There has been lots of information about the possible bailout
to the tune of, at least, 25 billion dollars.Nothing has been
made available as to how this money will be used. There has been no mention of how much of the manufacturing processes have been moved to Brazil, Argentina and others. Ford's most modern facility is in Brazil and some of the smaller models are bieng made in Argentina. I received videos of these plants. How do we know that these funds will be invested in the U.S? Many of our largest corporations, especially the multinational corporatios,have exported millions of jobs to the exterior. This is the main cause of the economic meltdown. Have these
forgotten about the people who worked for so long in hopes of having a better future and a healthy retirement? The global economy has backfired and it seems the financial institutions are the main cause of the debackle and they're getting the financial breaks. The middle class is in deep trouble and may completely dissappear if things don't begin to turn around soon. This may be the final goal of big business
plus the help of the government by deregulating controls. It's a huge mess. GOD BLESS AMERICA!!! We either change or suffer the consecuances!!! Me and my family survived the 30's-50's and it seems to be happening again and this time it could be worse.There is no assurance as to the time it could take to turn this situation around.I feel like our country is being led to diaster by modern Pied Pipers. We are blindly following the music. Let's wake up in time or suffer the consecuences.

Joseph Morris of SC 11:09PM December 08, 2008

Why in the world are they doing this? Is it just for the Unions in Detroit? No one came to the aid of the Textile Industry ( more jobs than they have in Detroit) - when they needed help - they survied by out sourcing like most of the companies ( Furniture) that are still around - why not the auto industry - out source and assemble in the U.S. save some jobs and be competive - that is what it is all about - why not let them go Bankrupt ?- not going to close the plants - just make them work better at a lower cost - contact your representative now and tell them this is a bad deal - just my thoughts

Mike Johnson of NC 3:34PM December 07, 2008

I have used very few american cars and for very good reason. I feel bad for the workers who might lose their jobs. I also would like to see the the automakers have a plan to improve; because obviously it's not working as it is. They make cars that use to much gas breakdown easily and when you have problem with the car they don't want to take responsibiity. To top it off they charge to much for repairs and the consumer usually loses the use of the car for days in som e cases. I am basing this on personal experience and that is why I now drive a European car.The big 3 need to improve or they should be bailed out.

wmy of CA 2:00PM December 07, 2008

the unions have to make concessions on salarys if they want it to work also they have to manufacture more smaller and more fuel efficient cars cut also jobs so they have less money to operate for workers also cut the salarys of executives

vincent velardi of NY 10:51AM December 07, 2008

Forget about writing any checks to the big three. I can bailout the auto industry without the government having to write a check.
This is how you do it: Eliminate temporarily for six months the "Listed Property" rules in the Tax Code for domestically manufactured autos . By doing this- every automobile on the dealer lots will be sold instantaneously.
Why? Because the tax savings on these automobiles will be so great that it will allow the purchasers to bankrole the acquisition of autos using tax dollars saved.
For those of you who have no idea what I am talking about- here is the explanation:
During the Ronald Reagan era, to stimulate the economy accelerated depreciation rules were introduced, including the concept of section 179- which is the complete writeoff of an asset within a one year period, even if you acquired the asset by borrowing the money. However, in an effort to prevent abuse of these rules, automobiles were severely limited from these accelerated writeoff benefits. Basically all automobiles are subject to the "Listed Property" rules which severely limits the depreciation deduction a business can take annually on an automobile that has been purchased. That is why so many businesses "lease vs buy" an auto. It does not pay economically to purchase an auto.
With the new Stimulus Act earlier this year the first-year limit on depreciation for passenger automobiles was increased by $8,000. For example if you purchased a passenger auto for over $45,000 (passenger auto is defined as less than 6,000 pounds in gross vehicle weight) during 2008 and used it 100% for business you would be able to expense $10,960 in the first year.
In the 36% federal bracket, this could save you approx $4,000. THIS IS GOOD BUT NOT EARTHSHAKING..
Now imagine if that same taxpayer could writeoff completely the $45,000 in one year.
That would save him over $16,000!!! That is enough savings to cover a full year of payments with no downpayments... NOW THAT IS IMPRESSIVE AND VERY STIMULATING

Michael Rosedale of NY 5:10PM December 06, 2008

Who is going to buy the cars after their bailout? There are cars stacking up from overseas in wharewhouses in California. Those will probaly be sold much more cheaply and quickly than new cars created by the bailout. I think the bailout money will only go to corperate executives and union activities. Even with 0% interest and no money down, I could not afford the payments. I make a good salary. It has not kept up with the cost of living however. There are too many cars available for demand. What is the thinking behind this bailout? I don't see anything but a push for cash to bailout for the above mentioned.
Is the auto industry going to cut their prices by 50% to make them more affordable? Are they going to take out their manufactured obselensence? Please give a good reason for a bailout.

Wes Thomas of TX 11:37AM December 06, 2008

The depth of discust i have for the way in which this whole debacle is being handled can't be typed here. Like so many have commented before me...Detroit has learned nothing from the gas crisis of the 70's. The fact that we have lost majority share of sales within the country from which the auto was born seems udderly deplorable.
Furthermore, I want to know if i get my dividend check when and if they actually turn their sluggish gas guzzlin' asses around? Detroit should be on their hands and knees, and we should look elsewhere for some more progressive minded, worldwise talent that can lead a business, and manufacture for the first time ever, an efficient!, dependable car. they've managed to single-handedly lobby for the removal of mass transit infrastructure nationwide, while contuing to partner with politicians and Big Oil. They need to STOP with the economic scare tactics, and crawl back to the hole from whence the came.
There is a white elephant in the room and it has been there for 20+ years...America is smarter than this!!!
Detroit needs to stew in their own damn mess. All we have do is ask the American public what would be happening if they actually were successful and producing something other than gas guzzling lemons? I doubt they'd be dropping profit sharing checks off at any our doors for the Holidays.
Happy Holidays!

Eric Wickstrom of WI 5:41PM December 04, 2008

I am not UAW and I am not white collar; I am a Blue collar worker that will be effected by the auto industry failure, NO i don not work for the BIG 3;
I am very curious as to what industries the other bloggers are in, are you they living in a silicone bubble? Do you think that your community will not be effected by a US automotive company failure? Call centers in Colordo, Marketing Companies in California and Florida, Test tracks in Texas and Washington. These are your neighbors that will no longer have a job due to Americans not supporting American companies.
One of the big three has just pulled thier sponsorship of the NACCP March Madness Basketball tournment, where is the NACCP going to go to get their funding...this seems like a utter madness to comment on considering that my neighbor can't find a job in the technologies industry because no one is developing; But how does this effect the tourism industry? no more tournments, I am sure NASCAR is freaking out, where will they get there sponsors from, they will have to raise prices so their normal fan base will be no more, (SOMEONE STOP THIS CRAZY THING..just kidding), but really just think about it for a few minutes.
The hospital in one of our large commuinties has just laid off workers for the first time in 20 years... why because the citizens can't find a job, all the blue collar jobs just move to ASIA PACIFIC ($2.00 per hour jobs in India live like a King!)
For all those that think it's ok to let a US company fail because your ticked that you aren't getting your fair share take a moment and think about the trickle down effect that will happen. KEEP BUYING FOREIGN AND WE WILL LOSE EVERYTHING!

J. Smith of IL 10:10PM December 02, 2008

The fact of the matter is that the collapse of the big 3 will significantly affect all of us. Think of the Mom and Pop stores and restaurants where these manufacturers are located who are solely depended on these companies. Imagine the amount of income that will be zapped out of the economy as all of these laborers are laid off. These folks will cut back and potentially stop purchasing goods of all sorts. Let us not forget why those of us who have jobs and businesses are fortunate enough to maintain them currently. It is because we have a product or service that is in demand. The more income that is zapped out of the economy the weaker the demand across the board and the more vulnerable those who currently have jobs and businesses become.
Notwithstanding the foregoing, I totally believe in capitalism and under normal circumstance would be totally against government assistance of any failing, public, competitive, for profit enterprise. I also agree with many that state that at least one of the big three is in such a financial and manufacturing quagmire that failure is all but inevitable. However, I’m sad to say that due to the mismanagement and oversight of federal programs, fiscal policies and the greed of our so called leaders, our country is in such a bad state that we are forced to ask the question that despite the fact one or more of the big 3 will meet their eventual demise, is now the time to sit back and allow that to happen with our country in such great peril. In other words, will providing the big 3 with the assistance have less of a financial impact on the economy in the short term and buy us time to attempt to rebound from this unbelievable economical chaos in the long term. Of course economical sound minded Americans will understand that either way, government intervention and attempt to assist and adjust a capitalistic market will come back to bite us.
(http://www.baaci.biz)

Lafate Smith of MD 2:21PM December 02, 2008