It's a ripple effect. Even with the huge bailouts, every week I read that one or two more are going under. If the bailouts were not to happen, many more would be going under, which would cause people to run to their banks to get their money out, which would in turn cause even more to go under. Without the bailouts, you would see most banks in the US go under, including the big three (Bank of America, Citi, Chase).

The taxpayers would end up paying the bill anyway because of the FDIC, which would end up having to reimburse all the lost deposits.

As I posted in another thread, the only solution for the banking industry is nationalization.

Personally, I am against any kind of "bailout". If the government wants to use my tax money to purchase companies, then fine. But just to give my tax money away to these private companies -- that I am surely against.

:iagree: with Eric. History repeats itself.

GM seeks $16.6 billion, to lay-off 47k emoloyees
http://www.msnbc.msn.com/id/29243150/

WHAT a surprise! I would have never saw that coming! How the F--K does the CFO of this company still have his job?

ONLY $16 billion this month? I'm absolutely CERTAIN they won't need another dime after that so oh heck, let's give it to them just because they asked nicely and drove their hybrids to the Capital and fed the parking meters this time.

I've not read these yet but I'm going to predict that the proposed restructuring includes cuts that are too shallow and occur over too long a period of time and are far to dependent on unqualified government guarantees. I'll have a chance to read them later today, I'm hopeful but not optimistic.


Copy of the GM Restructuring Plan

http://www.treasury.gov/initiatives/...turingPlan.pdf

Copy of the Chrysler Restructuring Plan - Summary

http://www.treasury.gov/initiatives/...lanSummary.pdf

Copy of the Chrysler Restructuring Plan

http://www.treasury.gov/initiatives/...turingPlan.pdf

Fits the situation well.

Well, Saab is the first to file. Funny that GM asked the Sweedish gov't for bailout money as well.

http://www.foxnews.com/story/0,2933,497250,00.html

Yes, get rid of the unions and this country would be much better off. They're a joke protecting workers who many times don't deserve to have a job. I've seen it firsthand where the unions protect worthless workers where I had to work harder to make up for their laziness and inabilities. Couldn't fire them just because the union protected their lazy ass. They serve no purpose in todays world except to get excessive wages for workers who don't deserve them. $50/hour or more to attach parts to a car? What a joke! If GM could pay the wages Toyota does (Toyota apparently has no unions) they wouldn't be getting handouts you and I are paying for. So, you & I are paying because the unions say their members deserve excessive salaries. More socialism. No wonder the liberals are supported by the unions. Yes, you liberals consent to this by voting dem. You don't realize that???

Unions do indeed waste lots of productivity. Did you ever pass by some road work being done? There's usually a bunch of guys sitting around while a couple of guys work. That's because union regulations require that a certain amount of workers be on each job, even when it is totally unnecessary. I would guess the UAW regulations are not much different.

The truth is that without the unions, a lot of people would be out of a job because so many workers simply would not be needed. Unemployment would go way up. We simply no longer have the need for 100% employment. With technology and other advances, we can produce all the goods and services everyone needs with far less than 100% employment. We just have to decide whether we will do an across the board cut of hours and perhaps have full employment with a 30 hour work week, or if we are instead prepared to accept 10-20% unemployment. I suppose this is a good problem to have. We have become more productive and don't need to work as much anymore. Any society would surely consider that to be an achievement, not a problem.

Seen it and its insane. They reduce lanes when nobody is working.