Filed under: Government/Legal, Chrysler, LLC., Ford, GM
CNN Poll: 61% of Americans oppose automaker bailout
CNN has published the results of a telephone survey of 1,100 people that show 61% of those polled oppose government assistance for U.S. automakers. In addition, 70% of respondents believe that a "bailout" is unfair to taxpayers and a majority believe it would not help the economy. CNN notes that its results may reflect the result of "bailout fatigue" on the American public, which is understandable considering the hundreds of billions that have been handed out so far by the U.S. government, without the cumbersome process of Congressional hearings mind you, to financial institutions.
The Detroit 3 automakers are just concluding their first day of a second round of Senate hearings in which they're asking for anywhere from $18 to $34 billion in government loans. We've been watching the hearings all day on CSPAN, and aside from being very sleepy now, are not convinced yet that these automakers will receive the aid they seek.
But, we're interested to hear what you think, and since you probably didn't receive a call from a CNN pollster this past week, you can take our poll below.
[Source: CNN Money, Photo by Chip Somodevilla/Getty]
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Reader Comments (Page 1 of 7)
TJ 3:18PM (12/04/2008)
Re-org or negotiated BK is the better solution.
Until the contracts and debt obligations are restructured, all the taxpayer money in the world will have no effect.
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Wally 3:33PM (12/04/2008)
I'm with you TJ. Throwing money into a fire doesn't put it out
People need to leave the financial bailout out of this equation. Apples to Oranges - One industry is still solvent but dealing with a short term crunch, the other has been floundering for decades with no end in sight. stop saying "me too"
BigMcLargeHuge 4:07PM (12/04/2008)
I'm still shocked at how many people are still saying that just because they will be allowed to file Ch.11 BEFORE giving them a loan means they are going to 'go under.'
I doubt many people are voting for the 2.5 to fail utterly. Its the economist in many of us says "we'll loan money to a small, profitable, emerging from BK company."
We want GM to 'become' Ford, both in size and future outlook before we trust them. Ford might be able to pay back the loan.
Chapter 11 allows GM to consolidate profitable
assets and eliminate, without fear of legal action, all assets that are not profitable.
That means profitable products will never go anywhere. Ever. Using Bowling Green as an example, they could stay open until time ends if they weren't burdened by the profit-sharing with Pontiac. (or whomever is leaking dollars)
If GM shrinks to truck, sports car, and luxury
divisions, 3 niche brands wouldn't be so bad. They'll always exist folks.
'Detroits impending collapse' makes headlines. Never gonna happen, but it keeps the news flowing. They want you to panic.
"The children! Won't somebody please think of the children?"
Noidor 4:40PM (12/04/2008)
With weak dollar and powerless UAW I think Detroit will become a highly desirable location for foreign manufacturers, or investors who wish to get into the industry.
I think if some of the big 3 were allowed to fail then it wouldn't take long before an investor, or a foreign company would buy up all the assets (copyrights, technology, real estate, etc etc) and re-open under a new efficient vision...this would allow people to get back to work and perhaps then MI pathetic 9.3 unemployment rate would drop.
Yes, in mean time we would suffer, but that's what exactly has to happen to UNWIND poor-decision-after-poor-decision philosophy at our domestic companies.
You don't recover from a heroin addiction by just stopping one day and going about your daily routine. Same here. We can just "avoid" serious consequences to CEOs of big 3 being foolish while paying themselves $20mil a year!!!
cash 6:40PM (12/04/2008)
Assitance will only line the pocketbooks of the CEOs that have proven time and time again to make the stupidest decisions possible. F*** THEM. The only way the big three will survive is if the crash to the ground, and shed all the bad management and union BS.
happy_penguin 3:18PM (12/04/2008)
Of course. BTW, did CNN run a poll about the bank bailout?
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Mobius_1 3:23PM (12/04/2008)
I think it would look even more one-sided than this.
Foose1397 4:53PM (12/04/2008)
Well put...
Also i would like to see a pole to see how many people know that Toyota and Honda's sales are of 30+% down for the recent months. No one seems to be taking into account the current standards of EVERY automaker right now.
Thats what gets me. Everyone is willing to let them die but they aren't aware of their surroundings. The truth of the matter is if the go bankrupt the automakers loose a good portion of there profits right off the bat. Unlike the airline industry who have people who need to fly, people don't need to buy a car. I think a lot of people are missing this factor completely and letting emotions effect them.
People by nature love to complain until they get burned then its not so funny.
Level 9:34PM (12/04/2008)
The heading should read 660 people out of 1000 are against the bail out lol
This country is going to Sh*ts...
on one hand we have a bunch of politicians preaching how a car biz should be run when they can't even budget themselves. On top of that, they like to put on a show for the world to see how strict they are specially when the media is watching.
we have reports come out saying we have the biggest number of jobs loss and yet there are people that are encouraging a bigger number in potential job loss if the big 3 go under. Does that make any sense?????
and yet On top of that we have the Big Media giants controlling the general publics opinion just like North Korea does with it's people. People can be so easily manipulated, which is a direct result of people in America having poor education that can't even think for themselves and needs CNN to tell them that the Big 3 Loan "bail out" is not a good idea you should go drive a lexus instead. Are you f*cking kidding me!!!! but the 700B bail out is a good idea, oh thats right because their pockets have ties to that money.
The iraq war cost is near 600B as of late because we are a oil driven nation but then we like to preach green this green that give me a god damn break...
Everybody blames Bush for the oil war and at the same time the same people are b*tching about 4 dollar gas....Everybody likes to rip the benefits of this nations doings but no one likes to get their hands dirty for doing the dirty deeds to benefit our ungrateful selves. Preach and point fingers like you are a saint and didn't have a role in it.
am I the only one that is seeing this???
This country keeps being so hypocritical, arrogant, stubborn, full of double standards, it's no wonder most of the world hates us.
akboss302 11:16PM (12/04/2008)
Level:
Had to comment, nice post. Indeed an open-minded individual with awareness more people in this globe could use, and not just in the U.S. either. Its childish human nature to 'point the finger', but for every finger pointed there's three pointing back...its an old saying but it has some truth to it. Be the difference you want to see in the world.
pelzauto 1:09AM (12/05/2008)
If the US auto industry is denied the loans, then we're truly headed toward a much deeper recession or even a depression.
I drive a VW and haven't owned an American car since 1990. Nor do I have relatives in the automotive industry. But I still feel strongly that the US needs Ford, GM and Chrysler.
Yes, the leaders of these companies have made huge mistakes, but these individuals will survive on their personal fortunes, and the workers will be the ones who face the greatest hardships.
Like most elections, there is no good choice, just the lesser of two evils.
Sea Urchin 3:20PM (12/04/2008)
Well, Welfare if for single mothers with children, welfare is for less fortunate people.
Not for people who make (steal) 17+ million dollars a year plus countless perks like Wagoner.
Nor is welfare for people like Mullaly who works in Detroit and lives in Seattleall the while commuting on corporate jetand he make 21+ million dollars a year.
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Stuka 3:34PM (12/04/2008)
Uhm... All three exects have already agreed to work for 1 dollar a year, and drop the fancy perks they are getting now. Many of the top exects of each company have also agreed to drop their pay.
Sea Urchin 3:43PM (12/04/2008)
@ Stuka
I'll work for $1 too.....................just give me a year worth of 20+ Mil.
But i guess you did not know that.
PJ 4:12PM (12/04/2008)
Stuka,
Wagoner's salary last year was $1.6 million... *plus* $12.8 million in "other compensation."
If you believe he'll actually be taking home $1 this year, I have a bridge I'd like to sell you...
Pat 3:20PM (12/04/2008)
I voted Yes, but it depends on how it's handled. If they are taking it from the $700 billion that is going to the financial bail-out, then I'm for it. I'd rather see the money going to companies that have been trying to turn things around then to companies that f'd up the world economy.
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That One Person 7:15PM (12/04/2008)
I have to agree with this. I doubt the Big 3 would send their CEOs on trips that cost hundreds of thousands of dollars or give them hundreds of millions in bonuses.
But if the govt. sets up another bailout plan just for the Big 3, then I say forget it. Let them reorganize.
jamie 3:22PM (12/04/2008)
Not now. It's getting dicey.
Senator Bennett is grilling Wagoner and Nardelli about making the Big 3 "merger of equals". Wagoner okayed it if the UAW goes along.
Everybody is stunned like a deer in the roadway with a pair of headlights bearing down.
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Superjester 3:22PM (12/04/2008)
They all should Merge.
Chevy Challenger
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Eddie 3:24PM (12/04/2008)
They should all merge. Instead of the "Big 3" make it the "Big 1" to compete with the Europeans, Japanese, and South Koreans.