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Monday, December 08, 2008

Big Three Bailout Cont.

Today the United States Congress send a draft to the White house regarding a roughly 15$ billion dollar bailout for the automakers. It is unclear what will happen at this point with the draft, but I expect (with proper oversight) that a deal will be in place in the coming weeks to stave of more job looses as well as a further plummeting of the nations fragile "fiscal morale".
In regards to congress, Sen. Harry Reid (D-NV) went on the record to say that he was not pleased with loaning taxpayer money to these companies, but followed by saying that it must be done. 
There have been numerous polls conducted and America, it would seem, would prefer the big 3 to file bankruptcy. I'm not too sure that would be a bad thing. Granted, if you are working for the big 3 that might not be so great, but there are a lot of industries in trouble and I'd hate to see them all start flooding to DC for a handout. 
This is a slippery slope and will lead us to ruin if we let it get out of control. As this story is developing, there will likely be new news in the coming days, so we'll see where we end up on Tuesday.
Source: YahooNews