I think this has a lot more to do with the fact that this has been spun as free money as opposed to giving these companies loans (GM and Chrysler) or at least access to lines of credit (Ford), but nonetheless…
Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. But with 42 percent support, the new request for up to $14 billion in emergency loans has more backers than previous proposals to secure up to $34 billion in loan guarantees.
But as with the earlier bids, those who strongly oppose the measure greatly outnumber those who are strongly supportive.
Opposition to the automaker bailout is fueled by the widespread perception that the companies themselves are responsible for their predicament, not the faltering economy. In the new poll, three-quarters of Americans said Detroit’s woes are mainly the fault of its own management decisions, and a sizable majority of those who blame the front office object to government help.
Nor have Detroit’s Big Three made significant progress persuading the public that bankruptcy proceedings would deepen the broader economic slowdown. Sixty percent said it would make no difference or would be good for the economy if one or more of the companies were forced to restructure under the protection of bankruptcy laws.
And there we have it. I know my fellow contributors will disagree, but I think it’s completely irresponsible to allow these companies to go into bankruptcy when they would never have done so in a normal economic climate. Access to credit would be readily available, and we all know that.
What’s more, the money that the White House is now looking at loaning GM and Chrysler was already set aside for the car companies. So how this is a handout or a bailout is beyond me.
And one last thing…the government has loaned car companies money before and we made money off the deal.