Why do they need to be “saved” from their own bad decisions? Why not file Chapter 11, fix their cost structure and have a fighting chance at becoming competitive?
I asked the same and I like the answer that I got.
This is from RM
My reasoning is that I am a mortgage underwriter and we do A LOT of loans in Michigan, many for auto workers. I get to see their income. These people have been working there for three years, are 29 years old and are making $12,000 A MONTH! It does not suprise me at all that they're going under because they overpay their workers by at least 300%.
Same thing for Freddie Mac/Fannie Mae. We do loans for lots of their employees and number one, they're all foreign- I swear they do not hire native Americans… and number two, they're grossly overpaid (think $9K per month straight out of grad school wages).
I don't feel bad for them. They became dominant and crawled under a rock for 20 years while everyone else was progressing. Now suddenly it's the government's job to save them- again. When will people stop asking for handouts and learn to do things themselves? Hopefully soon or we'll be a socialist nation in no time.
The democrats are paying up front for the votes for next election.
