Latest on the bailout

[Purple Penelope]

Monday's progress......

Bailout for Big 3 reported near; oversight part of deal -- chicagotribune.com

I believe this industry must be kept alive and continue to exist, but I don't see how giving GM 15 Billion to survive through March 30th can get them around the corner of survival.

[Topspin]

The 15B is just the tip of the iceberg. That's why the oversight is so critical. If the big 3 play by the rules, there will be more $ to follow. It will take at least 100B to really save them, and that's dependent on the economy really improving over the next two years.

[BACKON4]

I agree that the auto industry needs help but MY first course of action/suggestion would call for the resignation of the CEOs and possibly the Board in each company. How can a company pay a person over 9 million a year and allow that person to run the company into the ground with bad decisions/management????? If the same management is allowed to stay then I say "NO" very loudly and very attimitely to the bailout. Let them file for bankruptcy and reorganize.
All this financial problems we have right now started back when the banks were deregulated, and were allowed to loan money to people who couldn't afford the loan. if the banks would have kept their noses out of the mortgage business we wouldn't have this problem now. Used to be you had to QUALIFY for a loan. You had to show PROOF of your income, and your monthly bills vs pay. And you didn't ask nor get a loan than was over about 28% of your income. How can a family making 60K a year AFFORD a 300k home????? Well, the banks were allowing such loans and now they're crying to the government. And all those housing "speculators" who bought 2nd houses to carry for a year and then flip; well, flip the house back on them!!!!! It's like my mother taught me....you live WITHIN your means. You buy what you can AFFORD !!!! You work and save and better yourself as you can, when you can afford it!!! And when you make a mistake, YOU bight the bullet !!!!
My opinion, for what it's worth, is that this is all driven by the wealthy, to make more money and to hell with the little people. If not, then you tell me who made the money since the stock market took a nose dive!!!!

[Jgrden]

Originally Posted by BACKON4

I agree that the auto industry needs help but MY first course of action/suggestion would call for the resignation of the CEOs and possibly the Board in each company. How can a company pay a person over 9 million a year and allow that person to run the company into the ground with bad decisions/management????? If the same management is allowed to stay then I say "NO" very loudly and very attimitely to the bailout. Let them file for bankruptcy and reorganize.
All this financial problems we have right now started back when the banks were deregulated, and were allowed to loan money to people who couldn't afford the loan. if the banks would have kept their noses out of the mortgage business we wouldn't have this problem now. Used to be you had to QUALIFY for a loan. You had to show PROOF of your income, and your monthly bills vs pay. And you didn't ask nor get a loan than was over about 28% of your income. How can a family making 60K a year AFFORD a 300k home????? Well, the banks were allowing such loans and now they're crying to the government. And all those housing "speculators" who bought 2nd houses to carry for a year and then flip; well, flip the house back on them!!!!! It's like my mother taught me....you live WITHIN your means. You buy what you can AFFORD !!!! You work and save and better yourself as you can, when you can afford it!!! And when you make a mistake, YOU bight the bullet !!!!
My opinion, for what it's worth, is that this is all driven by the wealthy, to make more money and to hell with the little people. If not, then you tell me who made the money since the stock market took a nose dive!!!!

You hit the target. I feel the same way, as do others.