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23 February 2009

Auto Companies Are Back

As everyone, except Congress, expected the automakers are asking for more money. In their recent plan submitted to Congress on how they are going to save the auto industry, they say they need another $22 billion dollars.

Currently the auto companies are worth only a fraction of what they borrowed the first time around and now they are asking for even more money.

As I've said before it is only a matter of time before the automakers go into bankruptcy and after that time all the taxpayer money could disappear forever.

Should the government continue to throw good money after bad? Probably not, but will they? Probably.

I got to give the government credit really. They are trying to do everything they can to fix the economy. Maybe it's the wrong thing to do, maybe some companies should be allowed to go bankrupt. But maybe things could be devastating if they did nothing. Maybe they still will be.

I think I can say that no one really knows how this is going to turn out...only time will tell.

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