November 20, 2008

personal opinion on the big 3 bailout

my opinion: let them go bankrupt. they (the big 3 automobile manufacturers - gm, ford & chrysler) have been dying for years now. injecting taxpayer money into a corpse won't bring it back to life. these companies have been poorly managed by corrupt, money-grubbing ceo's who make more in a year than i will probably make in my entire life. why don't we ask the upper management of those corporations to reach into their deep, fat pockets & bail their own selves out? i agree with senator dodd who said these companies are "seeking treatment for wounds that are to a large extent self-inflicted". there's so many reasons as to why these companies are failing but probably one of the largest reasons is that no one wants to buy their crap. whether we like it or not we live in a capitalist society. if a product can't compete in the free market then that product needs to be changed & these companies are not willing to change. they want more money to keep on doing the same old thing that got them into the situation in the first place. the big 3's products are not desired by consumers & what about the bailout will make consumers begin to desire those products again? nothing. instead of wasting our nation's money (money that we don't actually have & a quick reminder - our country's debt is as of writing this is $10,667,681,498,581.38 - yes, that's 10.6 trillion dollars) we should be investing in creating new jobs for these workers, we should be investing in companies that are burgeoning, like companies that produce alternitive energy for example. why lend money out if we're never going to see it again? the money we're lending them will only get them through 2009. what about next year? & the year after that? maybe we can just call it a xmas present & every year we'll just give them $700 billions as a gift.
if our country likes being a capitalist country then we have to act like one. spending our nation's money on private industries is socialist & if we want to be socialists then we should just buy out one or all of the big 3 companies. then if the nation owns the company and if government can manage to save them from their impending doom then when they do start making money the money will eventually go back to where it originally came from (us, the u.s. taxpayers).
even if i thought that bailing out these automakers was a good idea, treasury paulson has broken my trust once before (remember the last bailout, the one that was called "the second-largest bait-and-switch scheme that history has ever seen, second only to the reasons given to us to vote for the invasion of Iraq". & there is no way in hell i'm going to give him the oppurtunity to break my trust again. fool me once, shame on you. fool me twice, shame on me.
(on a sidenote: i'm neither a capitalist or a socialist. i'm not advocating for either. i think both have their individual pros & cons. maybe i'll talk about that more later...)
more on the big 3 bailout:

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