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Originally Posted by Dragoneye
no...they aren't. They're just quoting them because it helps defend their side. A third party conducted a study to estimate what the impact would be if one of the big three ceased operations...That's why this is such a big deal. There are very REAL consequences should the Big Three fail. Which is what will happen should they declare chapter 11.
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Was the economy already in a recession when that occurred? Since that's what we're facing here...things might turn out worse than what happened then. And our dipsh!t 'leaders' have a chance to pay 25 billion ( and get it back) now or pay 160 billion out-of-pocket later...why is this such a tough decision for them to make?
Finally, this isn't a bunch of fraudulent banks we're talking about. This is the US auto Industry. Small startups cannot recreate the massive volume the three have right now overnight -- and they especially don't stand a chance against the likes of Toyota + friends. But we NEED that Industry.
And just a side note...calming down and sitting by watching the economy (and ultimately the country) fall apart is exactly what got us into this. I, for one, am not content to sit by and watch all of this implode. |
Was the economy already in a recession when the S&Ls started to fall apart? Hello. There was a substantial slowdown in 1980-1982 which preceeded the beginning of the end of the S&Ls. There was also another in 1990-1991. I would argue that the collapse of a major portion of the banking industry is as dire if not worse than GM going bankrupt. We are talking about a run on the banks situation that could have easily escalated to something Great Depression like.
If GM would go out of business, do you think that Toyota, Honda, and others would not find a way to ramp production? Besides in the economy as it is right now, what direction is the demand going?
I applaud all those who want to get involved. Write your representatives. State your opinion. But arm yourselves with facts. Leave emotion and guesswork out of it.