Quote:
Originally Posted by finnbow
The bailout was to keep the American auto industry solvent. The US auto industry, when solvent, has long employed people overseas (Canada, Germany). The Chinese and Mexican workers in GM plants will presumably earn a living wage that will allow them to buy GM products, thereby helping with solvency. They will also use their wages to buy other American products.
I guess my point was that in today's shrinking world, we cannot bitch too loudly about American auto companies building cars overseas when at the same time we lobby to get BMW, Mercedes, Toyota, and Honda to build cars here. What goes around comes around.
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And they could have taken Chapter 11 instead of leaving the taxpayer on the hook.
I'm beginning to realize that the difference between a good multinational and an evil multinational is that the good one has been funded by the treasury and the evil one pays it's own way.
Tax incentives are an efficient way of attracting industry, loaning money to deadbeats isn't.
Chas