It looks like Larry Winget is out promoting another book, “People Are Idiots
“, and making a few comments on the economy as well. He voted for Obama but hates the automakers loan/bailout. I love this guy’s approach towards personal and corporate responsibility. Very toughmoneylove.com-ish.
Do you think the U.S. automakers should receive assistance? Let me know in the comments below.
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I would consider aid to the car companies IF one of them could come up with some sort of realistic plan to turn around their business. I’ve heard nothing of the sort. Without a turnaround plan, we will be throwing good money after bad. The plan I do hear is that they are re-making themselves into suppliers of alternative energy vehicles. Two problems with that. First, it will take too long. Second, until the overall economy recovers (and who knows when that will be), consumers won’t be buying any new cars. BTW – Thanks for the mention.
The alt energy vehicles would have to really cheap, I guess. The two don’t usually go together.
I heart Larry Winget. I know you posted this just for me, awww, thanks!
Absolutely not! I heard that a large portion of that money was to pay for retiree pensions and health care for life. If there is any truth whatsoever to that…that is just unfair. We do not get that yet we would be paying for it for others to have it. Also, free market must prevail. If the companies can not make it on their own then it is time for them to go under or restructure and compete w/ other companies in the market.
As seen in the associated press:
The Associated Press
WASHINGTON — The leaders of General Motors, Ford, Chrysler and the president of the United Auto Workers union came to Capitol Hill Thursday to discuss billions of dollars more in financial help for the companies, which have struggled under a weakened economy.
House Speaker Nancy Pelosi was meeting with the chief executives of Detroit’s automakers to hear their expected plea for an additional $25 billion in federal loans for future health care payments for retirees. The executives also plan to seek help in accessing money from the Treasury Department or the Federal Reserve.