Reply to How do you feel about the General Motors and Chrysler bailout?

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[quote=Anonymous][quote]Anonymous wrote:
We saved an industry. Money well spent. GM had 2011 revenues of $150 billion and a profit of $7.6 billion. Do you have a cheaper way to fill that hole? Any idea of how many jobs are involved in making $150 billion?

We put $85 billion into AIG -- not to build anything, just to prevent catastrophe. We gave hundreds of billions in tax cuts which provided zero stimulus.

Lastly, let's call the criticism what it is: politics. We spent $18.6 billion to bail out the airline industry under Bush. You don't hear a bunch of armchair quarterbacks second guessing that. The auto bailout is only criticized because a Democrat did it.

Do you drive an American car?[/quote]

New poster but I agree with everything PP said, and I have only ever owned American cars - bought my third last year.

Another way to think about it: what if the equivalent of Pearl Harbor happened again tomorrow? And we had listened to Mitt Romney who said to let Detroit go bankrupt? Our entire heavy manufacturing sector would be in ruins and it would take us that much longer to ramp it back up to face that crisis.
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