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GM, Chrysler Viability
By Aus Hoo
Obama recently turned down GM and Chrysler's plan and expects a new plan within the next 30 days if they expect government money. This is a major problem. The President should not be involved in the business of private companies. Many are arguing how much and jobs will be lost. Although it would be very sad if 140,000 people lost their jobs, it's just not government’s role to take care of them. Government is in the business of security not business. President Obama has even offered to back car warranty given out by both GM and Chrysler. The intended consequences of that would cause the dollar to fall even more. Think about it for a second. If GM knows the government will back all warranty on their cars they then have no incentive to build a reliable car, they know the government will back it. The federal government needs to step back. As long as GM and Chrysler knows the government is going to bail them out, they are just going to do what it takes to get the bail out. If they know government won't bail them out, and then they will practice better business, build better more competitive cars.
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Contributor's Note
Find more information from the recent AP story written by Philip Elliott, titled White House questions viability of GM, Chrysler
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