Quote:
Originally Posted by GT500KR
A friend of mine went into foreclosure, due to some serious medical problems. All his life he has paid his bills on time,respectable life, family oriented man.He tried his best to stay afloat but the medical just kept piling up. He asked for help with his mortgage. The bank would have got their money, But no, they foreclosed on him, took the house resold it and made a killer profit on it, the guy is living in the projects in a slum home. Paid his taxes,fought for his country,You would think because he had hard times that people would show heart and compromise to fullest, BUT NO.......Why should we tax payers foot the bill for ANYONE! What do big companies do for the little guy besides suck every penny profit possible, then turn around and ask for help so they keep the heater working in their 60,000.00 pool or their 5 car garages Full! ........give me a break................... A wee bit off track here but it's the same thing in my opinion
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KR, I agree with you in concept...but one thing I'd like to add. I think it's important to understand the facts. One fact is that if any company goes bankrupt, we as taxpayers do pay for it in a number of ways.
1) If the pension funds fail, then the PBGC (Pension Benefit Guarantee Corporation - A gov't enterprise) pays the pensions...and the taxpayers are funding that.
2) If the big 3 are out of business, guess what would happen to the price of any other car you buy...yes...it will increase due to less competition.
3) If you live in an area where autos are made/supported (in other words, suppliers exist there), you likely will see damage to local housing markets.
4) Unemployment will increase, and the payouts will come from gov't funds.
the list goes on and on. So sometimes we must think of the DIFFERENTIAL costs between two alternatives.
I'm still with you as you see in my post...but just pointing out a few other factors.
I think there will be significant short-term pain if they fail. However, I think the long-term gain is that companies 10-20 years from now will be stronger because of it...they will learn a lesson about the fragility of business, satisifying customers, making good business decisions, etc.
Dave