Tuesday, November 18, 2008

Bailing out the "American" Auto Industry is a Misnomer

So there are three remaining American corporate entities that are pleading with our Government to bail them out with taxpayer money. These entitities have over the last ten years failed to produce energy efficient cars, despite both government regulation requiring them to (which they lobbied against) and increasing consumer demand. Now struggling in every sense of the word against foreign auto companies, they insist they need $25 billion to get them through this crisis, or "millions of jobs are at stake" and American industry will be in jeopardy.

Too late for that, points out Huntington Post blogger Chris Kelly. Chrysler, for example is no longer really an American company, it's owned by an international holding firm Cerberus who couldn't care less about keeping jobs in America if it didn't suit them. It's simply eager to get money from the new corporate socialist trough.

As Mr. Kelly points out, nostalgia is not a good reason to keep a dying company going with taxpayer money. These companies should go bankrupt, restructure themselves, rehire folks, and get ready to start over, or close up shop. Feeding them money to stay how they are, how how they have been and reward more executives is ridiculous.

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posted by Brian at 4:58 PM

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