Thursday, November 20, 2008

Your thoughts?


What you think may not make a huge difference in what happens (unless you call multiple times to your representatives and senators). But it is interesting to read what law makers think of the bailout for the Big Three?
"My fear is that you're going to take this money and continue the same stupid decisions you've made for 25 years."

—Rep. Michael Capuano, D-Mass (AP)

"If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed. Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check."

—Mitt Romney (New York Times)

"Before the Depression, [the government] generally allowed these kinds of problems to unwind. They were very severe. They would last six months or a year—a lot of liquidation of debt would be wiped off the books. And then it would go back to work again. What we've been doing now—especially since 1971—is preventing the real liquidation of the malinvestment and the excess of debt... If this process continues, we're going to own General Motors and Ford, then we will have to own the airlines. We are socializing our country without even a vote by the Congress. It's a horrible situation."

—Rep. Ron Paul R-Texas (US News)

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