Jan Rogozinski

Should We Really Bail Out the Big Three Automakers with $73.20 Per Hour Labor?

I sure won't read anything by Perry again. As others have pointed out, the workers work, and they make something. The $5,000 an hour self-proclaimed geniuses at AIG, Morgan Stanley, Citi, neither work nor make anything. All they do is lose billions.

But that's not the point. The point is bankruptcy will end the car manufacturers in the US. Including many of the Jape plants that pay slave wages. (The good guys and the Japes have many of the same suppliers.) No one will buy a car from a bankrupt company that might not be around to make parts for repairs.

The day they declare bankruptcy, the Dow will be down 2,000 points. Soon after, unemployment will go to 30 percent between the auto workers, auto suppliers, and all the people they support with there purchases. The crash in consumer confidence will drive it to 40 or 50 percent. At the end the Dow will be down to 20.

Ultimately, the US govt deficit will be so large, that the US govt will have to default. You see, dumb-dumb, folk without jobs--and auto retirees whose pensions have stopped-- dint' pay income taxes, folks without income don't Pu any thing, so they don't pay sales taxes. Without income, they won't be able to pay property taxes.

it's not a question of "fairness." It's a question of the US surviving. Anyone that opposes giving the auto companies whatever they need to keep going--anyone that does so has an IQ in negative numbers.