Currently the bank bail out is now up to $158.56 billion according to an article on CNNMoney.com. With the national deficit climbing with the bailout proposal adding the amounted needed to bailout the Big Three, it would put the American people in far worse pickle then they are already in.
People are losing their homes, their jobs, and unemployment is going to rise no matter if the Big Three are bailed out or not. Also with the PR campaign, the Big Three are putting out there they are inflating the amount of jobs they will effect if they fail. The study that they are citing says that 1 in 10 jobs are a part of the Auto industry. According to the New York Times,
“The study concludes that “new vehicle production, sales, and other jobs related to the use of automobiles are responsible for 1 out of every 10 jobs in the U.S economy.” The term “responsible for” is interpreted quite broadly, and covers jobs in steel, glass and electronics (the so-called “upstream” jobs) as well as those in taxi-driving, travel and advertising companies (”downstream” jobs), among others.”If we were to follow the logic proposed by the Big Three we would have to assume that these industries only make car parts for the Big Three and only buy Big Three automobiles. Now that may be the case but many car parts can be used in several different makes and models and not every car in America is a GM, Ford or Chrysler. So the assumption that these jobs are only provided by only the Big Three is just that- an assumption. Once again the old saying… “Assuming makes an ass out of you and me” comes to mind.
So to the Big Three… Congratulations, you might want to throw yourself a going out of business or bankruptcy sale party.
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