Should we bail out the auto industry?
Right now they’ve scaled back the “loan” to a mere $15 billion, down from $34 billion.
As I left the house tonight I saw Nancy Pelosi and Barney Frank on C-Span with news of a near-deal for financial assistance to the Big-3 (Chrysler, Ford & General Motors).
Whatever other concerns I might have about the idea of a loan workout for Detroit are more than offset by what will definitely happen without it. The untold job losses and the accompanying decrease in spending will dwarf anything we have yet seen.
And just to throw in a dose of cold-water reality – for those who are sitting on the fence over the prospect of any money directed towards the automobile industry:
The stark conclusions came as the World Bank’s chief economist predicted that the world faced “the worst recession since the Great Depression”.
Justin Lin, the World Bank’s chief economist, said the current downturn was likely to see simultaneous recessions in most of the industrialised world, and that these recessions were likely to last longer than in the early 1980s, and the decline in growth would be more universal than in past episodes in recent decades.
Feel free to “chime-in” with your comments, a simple “yes” or “no” will do. I’m really interested to see what kind of an overall feeling exists towards the auto industry and whether folks consider this a defining moment in our nation’s history.
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