SecondWar said:
Am I correct in saying that (like with the banks) many republicans opposed the auto industry bailout or criticised it after it happened? If nothing had been done the knock-on effect (espcially in the short-term) would have been horrific. Thousands (hundred of thousands to millions? not too sure how many exactly the american big 3 employs). The chain reaction on other industry and the rest of the economy as a whole as all of those workers became jobless would have pretty much sent the US into a depression. |
Not all of the Big 3 accepted the bailouts. Ford didn't take a dime. Then, you have all of the other manufacturers that weren't Chrysler or GM, and they didn't get money, either.
Rather than allow them to reorganize and re-negotiate with the unions, they simply threw money at them. If they went bankrupt, the jobs could have been saved still after reorganization.
Back from the dead, I'm afraid.







