(You now have access to Colorado Gold as early as 8:20 AM Eastern Time. Check web site for times. My daughter Melissa, is now on at 8:20 AM – 4 PM Eastern time. My son David’s on at 8AM – 4 PM Central Time. Don is on from 8AM to 4 PM Mountain time.)
It’s all too easy to say about the auto so called ’bailout,’ “They had it coming,” or, “They deserve to go bankrupt,” or, “Look at those bastards and their private jets.” Sorry, I must disagree.
SUVs? Of course they made them, because everyone wanted them. They sold millions probably, and at a nice profit. What’s wrong with that? Did anyone know gas prices would go to $146 a barrel? Did anyone know oil would be a hundred bucks lower now? What’s wrong with the CEO of a billion dollar corporation using a biz-jet?
Labor give-aways? They admittedly gave in to unions far too much, no question about that. The unions realize it too, and they are ready to give up those perks to save their jobs. The executives are giving up all bonuses and Chrysler’s CEO is working for a buck a year. Anything wrong with that?
Why didn’t they make hybrids? They Do. Ford has had a hybrid for years, and it hasn’t sold that well. Admittedly it doesn’t look utterly stupid like the Jap Prius, but it’s a hybrid. Besides, there is no long term savings in a hybrid. They cost a lot extra, and during the life of one or its expensive batteries, the savings in gas doesn’t pay for the extra cost. My wife’s sister has a Toyota SUV hybrid, and it doesn’t ride nearly as well as my Mercedes, and the economy isn’t any better if road travel and city is combined. Quiet? My Mercedes 560 SEL is just as quiet, and a lot smoother.
“Bailout?” NO. They are merely asking for a loan, and will secure it with property, stock, or other tangibles, as any bank would require. A loan is not a ’bailout.’ They want it gradually, and not all at once. As they might need it, in other words, and not in some lump sum.
Speaking about “Bailout,” what about the trillion bucks sent to big banks, Fanny, Freddie, and AIG? This will never come back, and I’ll guarantee that. So, a $31 billion loan, after a trillion lost to the big shot Wall Street goons? I’ll take autos any day.
Why did the D.C. Gang spend a trillion on these banking bozos, who indeed really did bring it on themselves by making loans which even a third grader probably wouldn’t have made? And those white collar, pencil pushing, dishonest to the teeth, mortgage brokers, appraisers, loan officers, bankers, and the like, are getting off without jail sentences? And then they scream about the auto companies who are responsible for employing millions of people who actually do physical work? Who make things which give us transport, pride, convenience, and reliability? While they have bankrupted us with their shoddy deals and fake figures? Give me a break!
Remember when Chrysler borrowed $250 million to get themselves back on their feet? They paid it back in record time, and maybe the same thing will happen again, for all I know. It seems to this scribe, that what GM, Ford, and Chrysler want, is a thimble full, in a large bucket of money handouts, and besides it is a LOAN, not a giveaway, or ’bailout.’
Jap cars better? Absolutely not. American ones rate higher than Jap ones now, on all reliability tests and surveys. Don’t fall for the calamity howlers who want the goof balls in D.C. to say “NO” to the auto corporations. They are doing their best, the unions are cooperating, and it involves literally millions of workers, and producers, not a bunch of real estate and banking frauds and idiots.
They made bad cars and wrong decisions over past years? Of course, and so have tens of millions of stockholders who paid no attention to not only me but others who warned about a market crash being imminent. How about the millions who made bad decisions and bought homes at the peak, which they couldn’t afford, and didn’t listen to me or a lot of others who warned about what has now happened? How about all the pensions and mutual funds gone awry because millions made bad decisions? How about bad decisions made by a stupid Congress and President, who have gotten us into Iraq and Afghanistan, and I can’t for the life of me find out why we are in either place? How about the millions of bad marriages and spoilt kids, whose parents made bad decisions to marry or not discipline? I’ve made a ton of mistakes, and borrowed from a bank several times. Every businessman makes mistakes and lacks forethought or common sense at one time or another, or they wouldn’t be closing stores by the hundreds now. China is on the rocks, as is the Russian stock market, because they all made mistakes. When gold was at $1,000 an ounce, did we make a mistake buying it? No, because we didn’t know it would go down to its present level, but it is paid for, no debts, and it will go back. Stocks can go to zero, and thousands have, but a tangible item cannot.
There should be no handouts of any kind, to anyone at any time, by any government. Handouts cause the weak to proliferate at the expense of the strong. We are overrun with the underclass because of handouts. My point is that since the morons see fit to print a couple of trillion paper dollars to bail out the unfit and unrepentant; why not spend a few more to loan to those who use wrenches, welders, paint sprayers, and tire mounters, and upholsterers, who make cars? Especially when it is a loan, to be paid back, when it has happened successfully before. Only my opinion.