Posted by anxious808 on November 11, 2008 at 19:21:34:
In Reply to: CAN SOMEONE EXPLAIN WHY WE SHOULD EXPLAIN THE AUTO INDUSTRY? posted by OC on November 11, 2008 at 15:10:59:
If we decide to tell Chrysler, Ford and General Motors to penny pinch and they end up going bankrupt then this is what will happen...
...3 million jobs are loss. Nearly 20 million people are supported by those 3 million jobs. Where do you think they will turn to then? It has been calculated that if this happens, the government will need to spend nearly 160 billion in aide and increased social services.
People can't buy houses right now because of the greedy sub prime loans.
Su.c.k.s, huh?
If we provide a loan to the three auto companies, with ties of course, it would take 25 billion which is payable in 5 years at a rate that is 4% which means the country makes back a billion after everything is said and done?
At least the auto industry didn't delude the fact that they were seeing lower sales. The financial crisis with the insurance and mortgage houses is criminal. That's who we should be throwing the big heavy book at.