On Second Thought!
I may be a little off topic here but something has been bothering me for a few days now. I am talking about the proposed bailout of the U. S. Auto Industry (AKA) the Big Three. When I just look at the Big Three and how they have managed to get in the mess they are in it is easy to say let them fail. However, when I take a wider view I come to the conclusion it cannot be good for the country and the economy as a whole.
Loss of the Big Three would mean the end of the U.S. being a player in the world auto market. It would mean we would be importing a large share of our domestic transportation vehicles. Yes, some foreign companies might relocate here to take advantage of the skill labor but what happens to the profits made on those vehicles? I can tell you it leads to a greater imbalance of trade. Talk about a transfer of wealth!
Our economy is so interconnected that loss of the auto industry will ripple through and affect the slumping housing industry too! People are going to need real jobs to qualify for a loan, gone are the days of stated income, no documentation loans. I believe I heard the auto industry and its down line business accounts for about 1 in 10 jobs in America. Are we ready to add another 10% to unemployment figures?
Lets help the Big Three, but lets make sure we get a say in the products to be developed. We should insist on fuel-efficient vehicles and a greater investment in new technologies that will lead to a cleaner environment.
The auto industry can build green too! Lets take the lead!