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Originally Posted by camaropete
Third, those statistics that everyone keeps throwing around - like $156B, 212,000 jobs affected, etc - are automobile industry provided figures. We are all taking them at face value. Who has confirmed them?
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no...they aren't. They're just quoting them because it helps defend their side. A third party conducted a study to estimate what the impact would be if one of the big three ceased operations...That's why this is such a big deal. There are very REAL consequences should the Big Three fail. Which is what will happen should they declare chapter 11.
FINALDetroitThreeContractionImpact_3__001.pdf
Quote:
Originally Posted by camaropete
Finally, when the S&L crisis happened in the '80s and '90s, over 700 S&Ls collapsed. The estimated cost to the US was over the $156B quoted to be the cost if GM goes out of business - $160.1B lost. There was a recession, but the world didn't end. The US didn't collapse. And we all managed to come out of it. So everyone calm down. Have a nice drink and wait to see what happens.
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Was the economy already in a recession when that occurred? Since that's what we're facing here...things might turn out worse than what happened then. And our dipsh!t 'leaders' have a chance to pay 25 billion (
and get it back) now or pay 160 billion out-of-pocket later...why is this such a tough decision for them to make?
Finally, this isn't a bunch of fraudulent banks we're talking about. This is the US auto Industry. Small startups cannot recreate the massive volume the three have right now overnight -- and they especially don't stand a chance against the likes of Toyota + friends. But we NEED that Industry.
And just a side note...calming down and sitting by watching the economy (and ultimately the country) fall apart is exactly what got us into this. I, for one, am not content to sit by and watch all of this implode.