Bailout will mean small, unsafe cars
Fifty billion dollars is an amount of money that most of us just can't comprehend. Yet that is the amount that the Obama administration has and will pump into GM (Government Motors, formerly known as General Motors).
Thirty billion has already been put into the company and $20 billion more is scheduled to be pumped in if they go into bankruptcy. After the bankruptcy is announced by President Obama, the government will own 70 percent of the company, with the United Auto Workers owning 20 percent and the bond holders holding 10 percent. The company will be a pale shadow of its former self with Obama already firing the president of GM and the government and the unions running the show.
Because neither the government nor unions know how to manage an auto manufacturing company, it will resemble a Laurel and Hardy production. The Obama administration has no exit strategy for returning the company to private ownership.
The government will dictate that small, unsafe "green cars" be manufactured. People will come into car dealerships (what few are left) and see tiny cars on a 100-inch wheel base and refuse to buy. These cars will never hold a two adults, children, luggage and pets. Neither will these dinky cars survive even a small accident. The number of highway deaths is predicted to increase by 800 per year.
Ever since Henry Ford, America has had a love affair with our comfortable and safe cars. These cars will soon be forbidden by the government, and the only thing left for our taxpaying grandchildren is the billions of debt and interest we bequeath to them.
Priscilla Weese
Wheaton