As Kentucky Gov. Steve Beshear is cajoling Congress to write blank taxpayer checks to the auto industry, troubling questions mount about how good an idea that is.
The Wall Street Journal reports:
""There is no Plan B being discussed beyond a government bailout," one top GM adviser said Friday."
Granted, that is a statement from an anonymous source, but I haven't seen anything that leads me to believe GM does have a Plan B. They should have to explain all their contingency plans to us.
3 comments:
It's a LOAN, not a bailout.
Try this the next time you talk to a loan officer at your bank: "I need a loan. If you don't give me a loan, I will go out of business." No banker who needs a return on his loan portfolio is going to give you a loan. And that is exactly what the Big 3 are saying to us.
It's a bailout.
This is a bailout no doubt about it. A bank would never loan money to a failing business, why should GM get to be different. This is like the government saying that the Big 3 are better than average businesses and average people. We as average citizens would never be bailed out of a financial crisis. We are left to struggle through and if we cant make it, oh well no big deal we dont employ thousands of people, so why should the government care.
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