Tuesday, December 16, 2008
Auto rescue still not favored
Saw this poll in the Washington Post. Most surprising to me is that 60% of those polled did not feel automotive bankruptcies would hurt the economy, and might even help the economy. It's one thing to oppose Government assistance to big businesses, but another to believe that bankrupting one or more of the country's largest manufacturers will not have an adverse effect on the economy. Like everyone, I wish we were not in this situation. But I still believe we need to do something to keep the auto companies alive, which would include strict oversight. I just wish they would have done the same for the $700 billion they happily provided the insurance companies, which as we can see has done nothing to ease the credit markets.