Latest update: 17/11/2008 

- Barack Obama - financial crisis


Obama in favour of fresh support for car industry
By AFP (text)
Comments (1)

You cant bail out a bucket with no bottom

by Anonyme (not verified) - 17/11/2008 - 15:36

Obama's interview was a refreshing change from the usual Bush bumbling & dissembling that we have had to suffer for the past 8 years but he still failed to explain how pouring in billions of tax-payer dollars will do little more than just put off the day when the US auto industry has to fill for bankruptsy protection. GM's problems are as much due to its finance arm which got burned by getting involved in the sub-prime mortgasge fiasco as producing gas-guzzlers that nobody wants.
Public bailouts will only put off the pain and make it worse. Consumers are already catching on that it does NOT pay to do the right thing & meet your mortgage & credit card debt if they are also asked to use their tax-dollars to bail out the profligate & incompetent.

Related Content
Close