Originally Posted by divisionbell77
Its not GM or Chrysler folding, its all the suppliers folding that would then cause related companies, like Ford, to fold. Before you say otherwise, you might want to read the testimony to Congress where Ford flat out states letting GM and Chrysler fold will bring down the entire industry, we don't want or need your money, we need you to give it to them so we all don't go down.
It was the only bailout that actually needed to happen.
Oh, and it started under Bush, not Obama, from funds already set aside for TARP.
Been to Detroit recently? A huge number of the suppliers, specialty houses, small unit manufacturers, others that supported the auto industry DID FAIL. There are vacant facilities all over the greater Detroit area, millions of square feet where the second and third tier suppliers used to operate. Stimulus didn't save them, they are gone, long gone. The argument that saving GM and Chrysler saved the small guys doesn't hold water because it didn't.