Quote:
Originally Posted by JaysonAych
I agree that there needs to be plans and conditions associated with any loan that's given. And I think Congress needs to really put their efforts in fixing some major problems that are crippling the entire manufacturing sector, not just Detroit (such as healthcare costs, insurance companies, drug companies, trade imbalances, etc). But I do find it hilarious that they shoveled $700 billion to Henry Paulson without hardly thinking about it or being concerned with conditions (and those institutions getting the money are still going on lavish junkets, paying out big CEO bonuses for ruining their companies and the economy, etc...), and there's been hundreds of billions shoveled out for Iraq....but $25 billion, a drop in the bucket compared to everything else money has been thrown at, and something that's so vital to a huge chunk of this country's blue collar workforce, they're being oh so careful with it.
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This is the most frustrating part...
During the news conference, they flat out said that they were getting a lot of heat from everyone concerning the $700 billion. One of them even said they won't make the same mistake twice. Even worse, the DOW is down 40% "since" the bailout. Now there are rumors of a possible
$1.6 Trillion dollar loan being requested by some of these financials.
Obviously it's not fair. Sadly what's done is done, like it or not we have to deal with it and put faith in these companies to come up with a plan that can quickly put and end to this.
If an end is not on the horizon, It's been said that if even one of the three were to go under, they all share the same tier one suppliers, and the other two would be doomed, regardless.
If that were to happen, I see nothing that could stop the economy spiraling downward into a depression.
And that is why I see them eventually being forced into some sort of an agreement.