Comments on: Romney: Let Detroit go bankrupt

By: //chrisnichols.net » STOP THE BAILOUTS

//chrisnichols.net » STOP THE BAILOUTS — Thu, 20 Nov 2008 16:09:21 +0000

[...] agree with Gov. Romney comments on the issue: (see the whole cnn post) "The U.S. auto industry right now is uncompetitive. It has high labor cost, health care [...]

By: AZgrammy

AZgrammy — Wed, 19 Nov 2008 17:46:37 +0000

Hey Michigan, aren't you happy you elected Obama now?

By: Darko

Darko — Wed, 19 Nov 2008 17:46:20 +0000

I love when some idiot chimes in with republicans and deregulation as the culprit. Take off the blinders realise the blunder of the dems for over-regulation with the sub-prime mortgage which created and ignited this mess. It started with Carter, doubled down under Clinton, denied during Bush and exploded this year.

Barney Frank who is the head hancho for the sub-prime debacle is who we're looking to for a FIX??? This crook and his friends on the take should be behind bars.

Search youtube for 'barney frank, fannie mae' – 'BUSTED!!!'

Once the Feds string up Dodd, Barney had better be next in line.

By: former gop

former gop — Wed, 19 Nov 2008 17:46:15 +0000

Horrible. Horrible. Horrible little, little man. What about all the workers? Romney is evil. People, we need to take back the country from greedy, heartless republicans. The government should pay all the auto workers at least half their pay until new jobs are found. It is the government who did not require U.S. automakers to compete with foreign automakers. It's ALLLLLL ABOUT OIL. AND THE WORKERS SUFFER. Romney, you will rot in hell.

By: Anonymous

Anonymous — Wed, 19 Nov 2008 17:45:42 +0000

IT'S NOT THE UNIONS bankrupting the US automakers- it's the LACK OF GOOD CARS.

COME ON DETROIT- design some cars the world wants to buy.

By: Steve

Steve — Wed, 19 Nov 2008 17:45:41 +0000

Many of the debts to retirees are unfortunate, but were promises to workers. Does Romney advocate for breaking promises? That's what I thought!

By: April

April — Wed, 19 Nov 2008 17:44:50 +0000

There's a plus and minus to bailing out the auto industry. But what angers me is Romney making this statement when I'm sure he didn't say this when he won the Michigan primary. How dare you Mitt!

By: Independent In NY

Independent In NY — Wed, 19 Nov 2008 17:44:32 +0000

The writing was on the wall after Katrina: Gas Guzzlers are out, Fuel could skyrocket with just one global event.

And yet they continued to pump out unreliable gas guzzling behemoths. Ford can't even build a switch that won't start a fire. Maybe it's time for a NEW american automaker, one that builds fuel efficient reliable vehicles.

Give the money to the american public, and we will pay off our mortgages and buy new cars. Corporate greed is unamerican, let 'em swing!!!!

By: Hamburgler

Hamburgler — Wed, 19 Nov 2008 17:42:59 +0000

I agree. But I also think there are enough cars on the road. I would like to see them get money if they change their business models. Perhaps retro-fit care that are on the road already to be more economical. Have them work on hybrid conversion technology instead. Giving them billions to put more SUV's on the road is ridiculous.

By: JK Ashburn, VA

JK Ashburn, VA — Wed, 19 Nov 2008 17:42:22 +0000

Lots of bloggers here who don't understand bankruptcy. Chapter 11 does NOT require they go out of business. It merely protects them from their creditors and allows them to easily re-negotiate contracts - something they desperately need to do - it doesn't mean they stop producing cars.

Lots of fearmongering here. Chapter 11 is painful but necessary. These companies are a mess.

By: CC

CC — Wed, 19 Nov 2008 17:41:40 +0000

Those so hateful against Romney.....you ought to LEARN before you SPOUT! His father, as head of American Motors, took a HUGE pay cut and lived by the same standards he asked of his workers! JUST because someone is RICH doesn't make them stingy or hateful or uncharitable! (In fact, there are facts that conservatives are MORE charitable than liberals! Go figure when they say "spread the wealth"-it must be only through the government we spread the wealth! People should choose themselves to be charitable and share their wealth!)

I totally disagree with outrageous benefits for union works...I'm TOTALLY for REASONABLE benefits for ALL WORKERS!! Some of the stories that come from union benefits are OUTRAGEOUS! AND...in fairness, some of the stories of $$ for CEO's and bonuses, etc. are ALSO OUTRAGEOUS!

We need COMMON SENSE to solve these problems....however, hateful, political comments will dig us deeper into these problems! YES, there will be some PAIN, but there is NOT any other way! I agree with restructuring and BETTERING not just throwing $$ in a deep hole!~

By: Amy

Amy — Wed, 19 Nov 2008 17:40:44 +0000

Typical Republican strategy: blame everything on Labor and the workers. I don't think the economy can afford to allow the American auto industry to go under as much as I'd like to penalize their leadership. I think it would be too much for an already ailing economy.

By: joe

joe — Wed, 19 Nov 2008 17:40:21 +0000

nobody is really looking into the big picture here... How many millions were dumped from these companies into the presidential race? How many execs have seen this day coming and continued to be paid at absolutle preposterous salaries? How many personal jets, company trips, bonuses, and etc have these big 3 been giving out. this whole mess really makes me sick and I will tell you why... All these companies, and just like the banks and mortgage lenders, are going to be saved. the high paying jobs will be saved. and all those CROOKS, or so called business execs that have reaped the benefit of others for so long, will continue to do so. because our country allows it. if you are poor and get into credit problems, your life is over. nobody will help if you were dying. but you take these companies who wasted billions and billions of dollars, cheating investors and tax payers, allow them to go bankrupt, and then hand over billions of dollars more to make the same mistakes again.

LET THEM FAIL. LET THEM SUFFER> IT IS ALL BROUGHT ON BY THEIR OWN GREED!!!

By: joey from san diego

joey from san diego — Wed, 19 Nov 2008 17:39:33 +0000

Im not a republican but i agree with what this man has to say on the subject. if these industries choose not to stay in the competition, then they should go under.

By: J.P.

J.P. — Wed, 19 Nov 2008 17:39:17 +0000

Romney is spot on. Instead of propping up a failing industry with an obscene amount of wasted money (only to have them inevitably fail later on an even BIGGER scale), let's take our lumps and let the market correct the problem of unions-run-amok. Stop putting bandaids on cancer (bailouts) and allow the "patient" (union-enslaved American manufacturing) to die a merciful death, instead of insisting the patient cling to useless life support machines, that merely prolong the inevitable. Capitalism isn't the bad guy here. In fact, Capitalism hasn't actually been allowed to work. Outside forces caused this problem, and MORE government intervention and more bailouts and more meddling in the markets will NOT fix the problem, rather it will make it worse. Let 'em fail and let Toyota, Honda, Nissan, BMW and Mercedes come in to the buy the fixtures and infrastructure at fire sale prices.

By: Adam, Everett WA

Adam, Everett WA — Wed, 19 Nov 2008 17:39:04 +0000

I agree with Mitt, but that's only half the story. GMC also needs to take a long hard look at what they're doing and ask why it isn't working. They need to take a lesson from all other sucessful cyclical manufacturers and stick to a smaller number of sucdcessful models and spend time making small improvements to them. In 10 years they could have cars as reliable, inexpensive, and generally economical as Japan if not better.

By: Deb n Texas

Deb n Texas — Wed, 19 Nov 2008 17:37:52 +0000

I agree with Romney, let them go bankrupt. Those three auto industries have not served the American people well for years. They undoubtably support big oil because they continued to make vehicles that sucked gas and didn't care about the American people not being able to afford the gas. They continued to make cars that were not mechanically sound and the American people have for years had a CAR NOTE and A REPAIR NOTE – SO LET THEM GO UNDER. What CONGRESS needs to do with the money they could have given the auto industry is give it to American people in unemployment benefits who work for these industries until they find new careers. Raise the unemployment benefits with the money and help these people train for new careers and FORGET FORD, GM and CHRYSLER.

By: Franky

Franky — Wed, 19 Nov 2008 17:37:47 +0000

Funny, we could spend hundreds of millions on financial friends on wall street, but can't spend $25 billion on car companies that provide millions of jobs directly to Americans, interesting. Again, the common man get's the shaft. How about they go Bankrupt and restructure but atleast the government finance them during the restructuring process, as credit will be hard for them to come by. I think saving manufacturing jobs is alot more important than bailing AIG, but we didn't bat an eye when they came a crawling.

By: Joe S.

Joe S. — Wed, 19 Nov 2008 17:37:29 +0000

Letting the businesses themselves fail is one thing, which is how the republicans tend to look at it. Leaving hundreds of thousands without jobs, on the other hand, would decrease spending across the board, and we really would be in Great Depression territory then.

By: Lloyd

Lloyd — Wed, 19 Nov 2008 17:37:17 +0000

Let them go bankrupt- they will figure it out just like the airline industry did.

The problem is the heads of the big 3 don't want to work at it- they want the easy way out of a loan (which will only help them limp along because NO ONE I know plans to buy a car within the next year!).

By: Gaylon Barrow

Gaylon Barrow — Wed, 19 Nov 2008 17:36:54 +0000

Another idiot has spoken.

By: Matt

Matt — Wed, 19 Nov 2008 17:36:45 +0000

I love the people on this board who can't spell or type a sentence that makes sense, but feel they can teach economics to Mitt Romney. Great stuff, I'm really enjoying the "enlightening" posts.

By: cmc

cmc — Wed, 19 Nov 2008 17:36:34 +0000

I'm wondering how much he wants to pay these workers? Maybe minimium wage will work. Where is it written that the ones who do the work should work for less and the company CEO'S get all the money. I guess it is the Republican mantra, that if you want the job you will work for this like it or not. Typical republican crap. Here is q question how much of the money that Toyota etc. stays in the US, my quess is "not much" If these foreign auto makers do such a good job, then how come their cars cost as much as US made cars? Romney is typical politican say anything to get elected, sound familiar.

By: WH

WH — Wed, 19 Nov 2008 17:36:24 +0000

Mitt Romney – if you think we have a mortgage crisis now. think again. If the big 3 goes bankrupt, we wil have quadrupled the mortgage crisis all over the entire United States...Will they then ' bail' the mortgages and bankers AGAIN...This is a 'loan' that the big 3 is asking for...NOT a 'bailout' hand out like the banking/mortgage industry is getting!!!!!!!!!!!!
You live in Michigan...where is your support.........
Here's my solution, Mitt....
Obama should get rid of allllllllll of the politicians (including you) and bring in some new blood. The politicians are what seem to bring the economy down or UP as they see fit.;

By: David

David — Wed, 19 Nov 2008 17:36:01 +0000

Part of me agrees but part of me wonders how it would then affect all the other businesses that supply this industry.

By: Dina Phila., Pa

Dina Phila., Pa — Wed, 19 Nov 2008 17:35:48 +0000

I totally agree with Romney! Now everyone wants to be bailed out...this cannot continue! As soon as the first bailout happened, other companies started crying for money! I haven't seen any of the money start helping the mainstream people yet! Over $700 billion dollars is a lot of money to have given to Polson, but he made sure that he got his cut first, and now he changes the plans midstream! I think that this was a criminal plot that got played out in the face of the American people!

The best crimes are the ones committed in broad daylight! That's what this was, and people should be going to jail right now! I don’t want to see anyone lose their jobs, but if the car industry has not put forth a great effort to build more fuel-efficient cars and take us into the 21st century, then we should not bail them out. They will continue to have us being dependent on foreign oil for gas! No, the bailouts should stop and people need to be held accountable for this money! Where is the transparency?

By: John

John — Wed, 19 Nov 2008 17:35:36 +0000

He doesn't like gays and he doesn't like the American worker.

I think the man must be violating his religion's substance policies if he ever thought he had a chance of becoming President!

By: Hales Swift

Hales Swift — Wed, 19 Nov 2008 17:34:55 +0000

Its clear from the above comments that 90% of Americans have no idea what bankruptcy is or what Romney is talking about. Bankruptcy would not mean the end of the automakers in question, but might mean an end to the unions that are sucking them into the abyss. It would involve reorganization and streamlining not disappearance.

By: Zach

Zach — Wed, 19 Nov 2008 17:34:19 +0000

Come on everybody, I think we all know how it's really going to play out. We can all say "Oh once they go bankrupt they can restructure and turn themselves around!" That's not going to happen. A car is a very large investment for most people, and they won't buy from a company who could be out of business in a year. I sure wouldn't! Some people also say that "United went bankrupt and people still bought from them". People will buy an airline ticket because it is a relatively small purchase, and it will be used in a few months. Those buyers do not have to worry about long term sustainability of the company.

By: kasi

kasi — Wed, 19 Nov 2008 17:34:10 +0000

Why should the Big 3 be treated any different than any other company trying to compete in today's economy? They need to restructure themselves. My father was a GM worker; I grew up around the auto industry. So I have watched the auto industry these many years. In the 1970s during the fuel crisis, GM did not listen and learn. Americans will always want a big car/truck but we need to have a fuel efficient vehicle for daily drives. The technology has been there but it was ignored for the bigger profits in gas guzzlers. Get a business restructuring attitude. Get rid of the unprofitable products, review current costs then cut the waste and/or renegotiate with vendors, reduce inventory, close old plants, review manufacturing processes, invest in newer technology, cut or eliminate bonuses, reduce salary and hourly wages. I have not hear any of this being done by the auto industry. It is difficult to cut back but if the industry is to sustain itself, work on it now! Don't whine for a bailout if you have not done the work like the rest of us. If you need money, get a loan and pay it back like the rest of us. Tighten your belt and check book. Balance it!

By: mjc

mjc — Wed, 19 Nov 2008 17:33:28 +0000

Tax Payers will pay either way! Unfortunately, we will end up paying a heck of a lot more if every business across America affected by this files for bankruptcy too. Millions of American's who lose their jobs because of this may probably file personal bankruptcy as well.

By: The Crazy Christian USA

The Crazy Christian USA — Wed, 19 Nov 2008 17:33:03 +0000

Sure Romney, go ahead and blame the workers. Of course it's the costs of benefits and wages that is crippling the auto industry and not poor decisions by management and excessive executive compensation. Whatever!

Romney is a moron who is so in love with himself he has to figure out some way keep himself in the limelight despite his resounding rejection by the voters. He just goes on trumpeting the same tune more loudly despite the fact that it's off key and out of rhythm.

I feel the same way about Romney as I feel about those No on 8 protestors out in California. You lost. It's over. Now go home.

By: Peter (CA)

Peter (CA) — Wed, 19 Nov 2008 17:32:49 +0000

The big 3 have brought this on themselves. The oil crisis of the 70's didn't teach them a lesson. After 9/11, they should have read the writing on the wall but instead they gave us the Excursion and the Hummer. The goal was to satisfy the Amercian ego and the MIA administration did not hold Detroit accountable.

I agree completely with Mike in Syracuse (for the first time ever!) that all parties have to play a part. The unions have to give something up in order to make sure there are still jobs.

But, Rick, you are wrong. Yes, union costs add to the price sticker but the corporate fat cats in Detroit have a long history of sucking up resources for their own benefit. And yeah, they do have deals that would even make the unions envious.

By: Rae

Rae — Wed, 19 Nov 2008 17:32:32 +0000

I would rather have the money that is already set aside to help our economy grow go to an industry that is going to keep Americans working than let it go to an industry that is using it to buy up the competition, take employees on retreats and reward executives with bonuses. Terms can be negotiated, but they need to absolutely start at the top. They are the ones that made the big decisions concerning what cars to make, not upgrading the plants, outsourcing, etc. All these issues should be addressed. When someone borrows money, the lender is the one who sets the terms. More unemployment is not going to help this country.

By: Suzanne

Suzanne — Wed, 19 Nov 2008 17:31:07 +0000

What about restructuring of the excessive numbers of executives? The very executives whose incompetence made all the bad decisions that ran the auto companies into the ground? What about severely cutting executive pay and benefits? The auto executives flew to Washington on their companies' private jets to ask for money!

By: chelle

chelle — Wed, 19 Nov 2008 17:30:44 +0000

Mr Romney is forgetting that these aren't ordinary times...if the rest of the economy wasn't sucking sloughwater, you could let them drown. However under these circumstances, the Big Three going down will have an enormous impact. Parts companies will go under, trucking companies, trains, individual dealers and on and on. It's not just the Big Three who will be impacted!!!! Do you think the US economy can handle the blow? Who will supply parts for the millions of Ford, GM and Chrysler products on the road? What happens to the warranties of these vehicles? Mr. Romney makes it sound so simple – just let the market decide. Well guess what – it's only that simple if you are rich.

By: Derek - West Virginia

Derek - West Virginia — Wed, 19 Nov 2008 17:30:40 +0000

Capitialism over socialism. Government – please keep your hands out of everything.

By: PHS in RI

PHS in RI — Wed, 19 Nov 2008 17:29:49 +0000

To "Welcome To The Obama Show" -

Listen ignoramous, during the Clinton administration, our nation was the most prosperous it's ever been in recent history. He took a deficit and turned it into a surplus. Why not use the same formula to get the nation out of the toilet it has found itself in today?

If it ain't broke – don't fix it.....get a clue.

By: Alex

Alex — Wed, 19 Nov 2008 17:29:43 +0000

It pains me greatly to even consider allowing any of the Big Three to go bankrupt, but if thats what it takes to save this industry, let them go. Restructuring sounds like its the only viable way those bonehead CEO's and unfortunately the union bosses, get their priorities right. I am a dying breed because I simply refuse to buy a foreign car. Gas mileage is never my first consideration when buying a new car or truck. I'm willing to pay my fair share if it comes to keeoing some American workers in jobs and the vehicle fits my needs. The Big Three have always filled my bill, but those CEO's need to be shown the door. I can only hope and pray that these "experts" are right and that restructuring will not cost ANY workers their jobs. Our country is in enough trouble without putting millions of workers in the unemployment lines.

By: California Gold

California Gold — Wed, 19 Nov 2008 17:29:39 +0000

Bankruptcy does not mean the Big 3 fade away. Please learn about the various types of business bankruptcy and read about "reorganization". Donald Trump didn't vanish. United Airlines didn't vanish. Come on folks. Learn before getting scared.

By: Kim, MI

Kim, MI — Wed, 19 Nov 2008 17:29:19 +0000

How easy and convenient for our government to forget about the part they played in bankrupting the Big 3 now when they need their help the most.

Wanna save the Big 3? Wanna save 6 million American jobs? First, support American Cars, secondly, support the bailout, thirs support American Automakers by creating and enforcing legitimate import export ratios, and providing tax incentives to the automakers every time you impose new regualtions.

Out a job yet? Keep buying Foreign!

By: sally

sally — Wed, 19 Nov 2008 17:28:58 +0000

I haven't really heard what the auto makers intend to do differently. What will they do when they burn through the bail out money? Ask for more?
I think it's going to be extremely painful for the whole economy, but they are only forstalling the inevitable by a few months. Rip the band aid off, and let them get to work re-organizing themselves under bankruptcy.

By: Red, Red WHINE!!

Red, Red WHINE!! — Wed, 19 Nov 2008 17:28:41 +0000

How ironic...He is going to save big business by ripping off the blue collar worker with less wages.

Take from the poor and give to the rich? That is the mantra of the republicans....to give to business and take from us!

What a dispicable human being this creep is!

By: Pax

Pax — Wed, 19 Nov 2008 17:28:40 +0000

That $75 an hour is NOT true-it is a canard to make us hate the unions. Most get around $15 an hour plus benefits just like the rest of us do. Benefits are important to everyone-Toyota and other foreign companies have their health care paid for by the government (taxes).
Republicans and big business have been trying to crush the unions forever.
With bankruptcy the fat cats would keep their salaries and perks. The retired people would lose their pensions and health care, just like they did with the airlines.

By: Autoworkers wife

Autoworkers wife — Wed, 19 Nov 2008 17:28:25 +0000

oh forgot to mention...Does anyone know who taught Japan to make cars? The big 3! So that they could provide better for their countrymen. Guess the Americans forgot that anything made in China is junk.

By: Jim

Jim — Wed, 19 Nov 2008 17:28:17 +0000

If you want to bail out Detroit – go buy one of their cars – otherwise shut-up!

By: Robin

Robin — Wed, 19 Nov 2008 17:26:51 +0000

Okay, First, America had no problem buying up the SUVs when Bush was allowing them to be a right off. We go into a war and gas goes up, how ironic. All I know, we need to do everything to make sure that these companies do not fail, because if they do, WE WILL ALL DEFINITELY PAY LATER. Second, wages can decrease to non-union wages in America, however, to decrease wage to less developed countries' wages is exploiting the America worker. BMW and Volvo cost are just as high or maybe higher. Ford and GM trucks are a steal, especially now. I could see if they were pricing their products like Mercedes and BMW but they are not. WE ALSO NEED TO STOP BLAMING THE FANNIE MAES, BANKS AND THE AUTO INDUSTRY. BECAUSE THEY ARE A LOT OF AMERICANS WHO USED THEIR HOUSES AS ATMS, CHARGED UP THEIR CREDIT CARDS AND BOUGHT THOSE BIG GAS SUVS!!!! NOW YOU UPSET!!! EVERYONE IS ACCOUNTABLE!!!

By: Den

Den — Wed, 19 Nov 2008 17:26:49 +0000

What will happen to the retiree's and people that have worked for these companies all their lives. Labor cost is probably less than 5% of the total cost. These advocates for letting them fail are just trying to get even with the UAW whom helped Obama win. The UAW has already had concessions to help lower cost.
I never hear any of the critics say they worry about the workers just smart talk to let the company go under.

By: diana

diana — Wed, 19 Nov 2008 17:26:45 +0000

My husband has been in the auto industry for 30+ years both with Toyota and GM. He has said for sometime now that GM must change it's business model in order to survive. GM is bleeding money on a daily basis like an artery has been punctured. Throwing a band aid i.e. money is not going to stop the bleeding. We don't want people to loose their jobs or their fat union reps. but people of all industries are loosing their jobs. I would think it might be smart to make a concession as an employee than not be an employee. Maybe Romney is right – it doesn't appear that the other "brain trusts" have been.

By: Phil in KC

Phil in KC — Wed, 19 Nov 2008 17:26:28 +0000

Typical Republican – let the little guy bear the brunt. I notice the Republicans jumped at the chance to bail out their cronies in the finanacial markets, though.