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post #1 of 2 (permalink) Old 01-10-2012, 07:13 AM Thread Starter
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Remember who opposed aid to auto firms

Letters: Remember who opposed aid to auto firms

Jan. 10, 2012


Had President Barack Obama listened to Alabama Sen. Richard Shelby, Kentucky Sen. Jim Bunning and now GOP presidential hopeful former Massachusetts Gov. Mitt Romney and let GM and Chrysler go bankrupt as they espoused, and not continued the loans to the two automakers started by former President George W. Bush, there would not be a "Big year, brighter road for Detroit 3" (Jan. 5), as GM and Chrysler would not be in business.

There would have been an economic tsunami of epic proportions, and the country very well would have been pushed over the edge into a depression as upwards of a million people would have lost jobs. Auto suppliers, possibly along with Ford, would have gone out of business.

Since the loans were continued, GM and Chrysler entered and successfully exited bankruptcy. GM had a successful IPO. Both are selling more vehicles since the auto downturn, gaining market share and getting back to profitability with a brighter future ahead.

Thomas A. Wilson Jr.

Detroit


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post #2 of 2 (permalink) Old 01-12-2012, 06:30 PM
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Who ever this guy is, he needs to get his head out of the sand: GM's successful IPO has already dropped over 1/3 in value. I'd like to meet the idiots that gave their $ to GM. As far as the bailouts, neither would have gone out of business, but would have continued on, leaner and meaner. GM is just continueing on it's merry way - nothing has changed! A lot of what we see today from Chrysler was already in the works before the bankrupcy. Just my 2c.






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