The Intergalactic Cowboy

Is the empire about to fall ?
This week will bring a few economic reports that could prove to be pessimistic. On Wednesday there will be a durable goods report that will show the increase or decrease in the sales of cars, refrigerators and other large appliances. This past week, congress questioned the CEOs of the three major automakers. Congressmen and economists have been expressing differing opinions as to how the situation should be handled. Some want congress to give the big three 25 billion dollars to divide up among themselves. Others want the automakers to declare bankruptcy or worse, and not burden the taxpayers with the results of bad business decisions. I just don’t know which side to take in this issue. The CEOs say that if the american auto makers go out of business, then 3 million autoworkers and supplier employees will be out of work, causing a new great depression. On the other hand, the president of GM said that it would take between 4 and 6 billion dollars a month to keep GM afloat. If the 25 billion in government help is divided evenly among the big three, GM would get a little over 8 billion dollars, keeping it afloat for only six weeks. Then it would be in the same situation that it is in today. On the other hand, people say that the taxpayers should not bail out a failing business. But, if the auto companies fail, 3 million taxpayers will be out of work, with no income coming in and no tax money going out. So what should we do over here in the U.S. ?
With morbid curiosity,
I.C.