Quote:
Originally Posted by Robbie
Yeah, I think we have to let them go bankrupt and start over. I saw a Senator on the news this morning who pointed out that Chrysler is owned by a parent company that has 25 billion dollars in assets. And that parent company refuses to bail out it's own holdings (Chrysler) because it sees any money that if puts in as lost.
I feel that's what will happen with taxpayer money. It pretty much will be just throwing the money away and buying a month or two of time. Because the auto makers are going to continue to fail. Sucks.
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Cerberus owns 51%. It isn't like they have $25 billion laying around to throw into a company though, that isn't how it works.
They will get the loan, somebody somewhere will just need to make some concessions. And on principle I suppose taxpayers can be upset, but the money will come back at some point or another. This isn't the first time this has happened, will not be the last. I don't like the idea of a bail out because I think it fosters bad business practices, but much more can be lost by just letting them drop off the face of the earth. They do need to take some heavy heavy hits though to pay their price.