*Pls comment and rate* This is a commendable, viable plan to rescue the auto industry from collapse b/c:
- 533,000 jobs alone were lost in November. A collapse of the 3 auto makers would have added 3 million job loss to the equation after Christmas.
- This is a bridge loan coupled w/ accountability on automakers part, not a free handout. Executive payout restriction is also attached.
- Consumer report unveiled in December, the latest statistics naming 2 biggest selling vehicles in America are made by Ford and GM Chevy, beating out hybrid and other foreign cars. Although this revelation is far from a high-five moment for American carmakers b/c they'd better start retooling and shifting focus to production of high tech fuel-efficient vehicles to stay competitive, it underscores the importance of empowering our auto industry to compete w/ foreign carmakers whenever possible while saving American jobs.
- Regardless of the rhetoric surrounding our auto-industry vs foreign carmakers, many do not realize that there's a trade imbalance in a sense that countries like South Korea are able to export hundreds of thousands of Korean made cars into the US, while South Korean policy restricts imports of US made cars. This has to be corrected. Our carmakers deserve a fair trade policy to expand their market share globally.
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