It is time to put a stop to bailouts that perpetuate the financial mess that the country finds itself in. The auto companies made it too easy for consumers to buy new cars that they did not need and could not afford. We the taxpayers should not be put on the hook to keep this unsound industry practice going in the direction that it is.
The Big Three need to be held accountable for their mistakes, and change course to address the real consumer needs for cars.
However, I do agree with United Auto Workers President Ron Gettelfinger’s comments on “cutting the compensation of everyday active and retired bankers, bond traders, and office or building personnel” who work at the financial institutions “that have received billions in federal aid.” There is talk of using a good portion of the bailout money provided by taxpayers to pay these people bonuses.
Why should we (the taxpayers) pay bonuses to those who created the financial mess in the first place? Do the leaders of these financial institutions have no limit to their greed? Let’s not let the government oversight be lax on this issue.