Automaker Bailout - $17.4B to Bailout The Auto Industry

From Yahoo! News

WASHINGTON – Citing danger to the national economy, President Bush approved an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans in exchange for tough concessions from the deeply troubled carmakers and their workers.

Allowing the massive auto industry to collapse in the middle of what is already a severe recession "would worsen a weak job market and exacerbate the financial crisis," Bush said. "It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office."

President-elect Barack Obama, who takes office a week from Saturday, praised the White House action and said that "the auto companies must not squander this chance." He said they must begin "the long-term restructuring that is absolutely necessary ... while also creating the fuel-efficient cars of tomorrow."

How does all this make you feel? I for one am curious to see how the automakers are going to take companies that have been down for years and turn them around by March....And, if they fail how are they really going to pay al the money back?

I do think that the automakers need help and a bailout is good, but to what lengths are we going to go to help our economy and the people that really need it. I know it is nice to fly in a G5 or go to the most exotic places, but when the average people are taking such a hit I feel that major pay cuts need to be taken higher up first rather than down below....

But that strategy poses another problem. I do know that leaders....good leaders... are hard to come by, so I do feel that the good ones should be getting paid to enhance the company, and help the other employees. But, ones that are croooked and maybe taking to much and not doing enough need a pay cut!

Anyway's, thats just a little rant....The automaker bailout is good, but lets hope it doesnt bite up in the ass!